The 90-day rolling correlation of changes in bitcoin's spot price to changes in Wall Street's tech-heavy equity index, Nasdaq, and the broader index, S&P 500, has declined to near zero. That's the lowest in two years, according to data tracked by crypto derivatives analytics firm Block Scholes.
"The fall in correlation has happened as both assets have retraced losses sustained throughout last year's tightening cycle," Melville added. Since BlackRock's filing on June 15, bitcoin has produced a return of 25%, ignoring the range bound activity in the U.S. stock indices.into three parts – frontrunning the launch, flows post-the-spot ETFs go live and validation of crypto as an asset class.
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