Bitcoin, Ether Maintain Their 2023 Decoupling from Traditional Finance

While maturing as uncorrelated assets, the number of addresses accumulating bitcoin and ether has increased.

As bitcoin investors find comfort in its emergence as a non-correlated asset, they’ve also had to watch as it reacts less to global macro catalysts than its Tradfi counterparts. BTC’s correlation with gold and the U.S. dollar is 0.33 and -0.23, respectively. The proximity to zero for both implies no pricing relationship at all, ironic given early perceptions of bitcoin as an inflation hedge.

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