Golden Finance reported that The Kobeissi Letter published on platform X, stating that the correlation between Bitcoin and US tech stocks has rarely climbed to a high level.
The correlation between Bitcoin and the Nasdaq 100 Index over 30 days has reached approximately 0.80, marking the highest level since 2022 and 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 always 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.
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