Bitcoin has become less predictable but also less volatile in natureWhile bitcoin’s volatility has declined steadily since March, its relationship to traditional financial assets has been unpredictable. This unlikely pairing underscores the asset’s unique nature and a fundamental difference from more traditional assets.An initial “hedge against dollar inflation” narrative lead to “high beta tech stock” one, which now has morphed into bitcoin as an “uncorrelated financial asset.
Now, with two weeks remaining in June, bitcoin is closing in on posting a second consecutive losing month for 2023. while TradFi assets continue their ascent higher. The correlation coefficient typically ranges between 1.0 and -1.0 with the former indicating a direct pricing relationship and the latter indicating an inverse one.A look at hourly correlations shows that little changed intraday ahead of the Federal Open Market Committee’s interest rate decision.
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