Bitcoin has broken its correlation with the Nasdaq 100 and continues to do so. According to an analysis by market data research platform Kaiko, released on June 26, the correlation between BTC and the tech index has declined to just 3% this month.
The cryptocurrency’s double-digit gains in June have helped it outperform the Nasdaq 100, which has gained 3% in the same period. While the Nasdaq has risen 35% year-to-date, BTC has seen a 108% increase in its price. Over the past year, the Nasdaq has gone up 22%, while Bitcoin has seen a 72% increase.
The falling correlation, CoinJournal analyst Dan Ashmore recently pointed out, was further enhanced by Bitcoin’s rally to a new year-to-date high this month, triggered by news of a spot Bitcoin ETF application by global asset manager BlackRock.
While investors have been bearish in response to the US Securities and Exchange Commission’s regulatory actions against Binance and Coinbase, the cryptocurrency has still managed to outperform traditional risk assets.
Meltem Demirors, CoinShares’ Chief Strategy Officer, noted that companies with a combined $27 trillion in client assets are working to offer customers access to the crypto asset class.
Therefore, Bitcoin bulls are holding above the $30,000 psychological level, suggesting growing inflows and speculation. The $34,000 level is looking increasingly like the next major hurdle for BTC in the short term.
