Correlation between Bitcoin (BTC) and the Nasdaq dropped to 3% in June, according to data. Open height – Shows differing sentiments between cryptocurrencies and tech stocks.

The price performance of major cryptocurrencies in June was between $24,800 and $31,360, starting the month at $27,200.

The Spot Bitcoin ETF, which BlackRock filed on June 15th, was a bullish catalyst, reversing its previous downward trend about eight days later and hitting a year-to-date high of $31,440.

Since then, Bitcoin has traded in a tight range between $29,860 and $31,030, down 3% from its year-to-date high on June 23.

bitcoin daily chart year to date
sauce: BTCUSD on

Meanwhile, the tech-heavy Nasdaq 100 has been on an upward trend since the beginning of the year, hitting a year-to-date high of $15,230 on June 16. Since Bitcoin hit a year-to-date high on June 23, the Nasdaq is up 0.7%.

Nasdaq daily chart year to date
Source: NDX on

On a 30-day basis, the correlation between Bitcoin and the Nasdaq was 60% year-to-date, but fell to 22% by March, indicating that the similarities between their price movements are diminishing. This period of change calmed down somewhat, but the correlation struggled to exceed 45%.

The correlation between Bitcoin and the Nasdaq has continued to decline throughout the year, plummeting to 3% this week from over 20% in May.

Correlation between BTC and tech stocks
Source: @KaikoData on

data research company Econometrics has released a chart of the range performance of Bitcoin and the Nasdaq from the beginning of the year to June 24. Until April, the two showed similar trends, after which “great decoupling” occurred.

Econometrics also commented that the Nasdaq’s performance was decoupled from the broader macroeconomic picture, suggesting an imminent reversal of the uptrend.

“However, this bear market rally cannot escape the dark macro environment forever.

Bitcoin - Nasdaq Range
sauce: @ecoinometrics on

After the Bitcoin-Nasdaq correlation sank to a 3% low in June, it was first published on CryptoSlate.

By Jules

Leave a Reply