Kaiko Research says the correlation between Bitcoin (BTC) and the stock market is increasing, with the 90-day correlation rising to 0.17 last week after hitting a multi-year low at 0.01 in March.
Meanwhile, Brazil has experienced a significant increase in trading volume and is outperforming the dollar.
Bitcoin's 90-day correlation with the stock market increased to 0.17 the week of May 5, above its multi-year low of 0.01 in March, according to the firm's research report on May 13.
BTC's correlation with risk assets remains below the high of 0.6, as seen during bull markets.
Bitcoin has maintained a near-zero correlation with the European stock index STOXX 600 since the beginning of 2024. At the beginning of the year, BTC had a correlation of -0.14 with the Chinese stock index CSI 300; This correlation remains below zero.
The company attributed the recent changes to a sell-off in risk assets in April, a result of “macroeconomic headwinds and geopolitical tensions.”
Acceptance in Brazil
The research report also highlights the high trading volume in the Brazilian cryptocurrency market.
Brazilian real (BRL) trading volume reached $6 billion from January to early May 2024, making Brazil the largest cryptocurrency market in Latin America and the seventh largest fiat currency market in the world. world.
BRL trading volumes are up 30% year-over-year and have grown faster than US dollar (USD) trading volumes since January.
Some assets have dominated trading. Stablecoins account for nearly half of all BRL trading volume, while BTC and ETH account for 43% of BRL trading volume.
Other data
Kaiko also reports other data.
The company noted that the prices of ETH call and put options have been diverging since March. Kaiko said the trend “could be a sign of volatility to come” as the US Securities and Exchange Commission (SEC) rejected or approved spot Ethereum ETFs on May 23.
Kaiko noted that the approval of foreign crypto ETFs “has not stimulated the market.” Hong Kong's OSL exchange saw $1.7 million in trading volume at the end of April, after the region approved spot Bitcoin and Ethereum ETFs on April 15.
In contrast, OSL saw trading volume of nearly $8 billion in January when the United States approved spot Bitcoin ETFs.
Finally, Bitcoin fees spiked after the Bitcoin halving but decreased after initial interest in the Bitcoin Runes protocol. The company said the reduction in fee rewards could lead to selling pressure among cryptocurrency miners, which could “negatively impact the market.”
Source: https://tapchibitcoin.io/bitcoin-nhan-thay-moi-tuong-quantity-voi-general-khoan-when-khoi-luong-delivery-dich-in-4-month-cua-brazil-dat- 6-ty-usd.html