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The correlation between Bitcoin and US tech stocks has risen to a high level.
The Kobeissi Letter stated on platform X that the correlation between Bitcoin and US tech stocks has rarely surged to a high level.
The 30-day correlation between Bitcoin and the Nasdaq 100 Index has reached approximately 0.80, marking the highest level since 2022 and the second highest 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 between Bitcoin and cash, gold is basically zero. Currently, Bitcoin's market performance is increasingly approaching that of leveraged tech stocks $BTC .