The recent correlation of BTC and ETH with traditional markets and commodities has been close to zero

According to IntoTheBlock data, the recent correlation between BTC and ETH and traditional markets and commodities has been close to zero.
Bitcoin and Ethereum seem to have a lower correlation with these assets over the past month. Among them, the cryptocurrency has the highest correlation with the S & P 500 Index, with BTC having a coefficient of 0.4 and ETH having a coefficient of 0.49. Therefore, this means that ETH has a slightly higher correlation with the S & P 500 Index than BTC. ETH also has a more significant relationship with the other currencies on the list compared to BTC, although its correlation with any of these currencies is still not strong. The low correlation coefficient with traditional markets indicates that the cryptocurrency has been operating more or less independently over the past month.
Note: "Correlation" refers to the correlation coefficient (r) in statistics, which is an indicator that tracks the degree to which two quantities are related over a given period of time. When the value of this indicator for any two assets is greater than zero, it means that there is some kind of positive correlation between their prices, which means that the assets are moving in sync. The closer the value is to 1, the closer the relationship is. On the other hand, a negative value for this indicator indicates that while there is some correlation between the two, it is negative because the price of one asset reacts in the opposite way to the movement of the other. In this case, the extreme value with the strongest correlation is -1.