The Kobeissi Letter posted on the X platform that the correlation between bitcoin and U.S. technology stocks has rarely climbed to a high level.
The 30-day correlation between bitcoin and the Nasdaq 100 index reached around 0.80, the highest level since 2022 and the second highest value in the past 10 years.
With the exception of a brief period in 2023, the correlation between the two has remained positive over the past five years. As a result, the five-year correlation between Bitcoin and the Nasdaq index has reached 0.54.
By contrast, the correlation between bitcoin and cash and gold is essentially zero. At present, the market performance of Bitcoin is increasingly approaching that of leveraged technology stocks.
The correlation between bitcoin and U.S. technology stocks has risen to a high level
2025-11-17 02:49:24
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