According to CoinDesk, according to data tracked by cryptocurrency derivatives analysis company BlockScholes, the 90-day rolling correlation between changes in Bitcoin spot prices and changes in Wall Street's technology index, the Nasdaq index, and the broader index, the S&P 500 index, has fallen to close to zero. This is the lowest level in two years.
“The correlation is now at its lowest level since July 2021, when BTC was between its twin peaks in April and November,” said Andrew Melville, research analyst at BlockScholes. “The decline in correlation comes as both assets have recovered the losses from last year’s tightening cycle.”