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The correlation between Bitcoin and US tech stocks has risen to a high level.
[Bitcoin and the correlation with US tech stocks has risen to a high level] The Kobeissi Letter published on X platform states that the correlation between Bitcoin and US tech stocks has rarely risen to a high level. The 30-day correlation between Bitcoin and the Nasdaq 100 index reached approximately 0.80, the highest level since 2022, and also the second highest value in the past 10 years. In the past 5 years, except for a brief period in 2023, the correlation between the two has remained positive. As a result, the 5-year correlation between Bitcoin and the Nasdaq index has reached 0.54. In contrast, the correlation of Bitcoin with cash and gold is basically zero. Currently, Bitcoin's market performance is increasingly resembling that of leveraged tech stocks.