- The rate dropped from 14% in May to 3% in June
- This is due to the regulatory shift and popularization of exchange-traded derivative products
- While tech stocks stagnated, BTC surpassed the $31,000 mark
- The correlation between bitcoin and gold also increases
When the analytical portal Kaiko published a new article on its blog yesterday, June 26 about bull-run incentives for BTC market. Among other things, it cites as an example the correlation between bitcoin and the Nasdaq 100 Index, which has reached a three-year low.</nbsp;
As of June, the figure is only about 3%.. At the same time, since May the index has grown by only 3%, while the BTC exchange rate increased by 14%.. By comparison, last year the correlation rate was 60%. The change can be clearly seen in this graph:
In contrast, here is an example of the correlation between gold and bitcoin exchange rates. In June, the figure exceeded 50%, reflecting investors’ attitude towards BTC as a low-risk asset. This may be due to a regulatory shift and the emergence of new exchange-traded derivative products.. Several large companies have applied for registration of bitcoin-ETFs, including BlackRock. That’s what spurred the asset’s exchange rate.
According to Kaiko analyst Dessislava Yaneva, that’s what caused the correlation to drop.. While shares of major tech companies, which form the Nasdaq Index, are still stagnant, BTC jumped sharply on the back of the aforementioned events.