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Bitcoin, Ether Maintain Their 2023 Decoupling from Traditional Finance

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Crypto Markets Analysis: As bitcoin and ether assert themselves as uncorrelated assets, the impact of macroeconomic catalysts has waned. GWilliamsJr_CMT reports

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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