Is Bitcoin Disentangling From Its Wall Street Correlation?
Portfolio Pulse from Murtuza Merchant
The correlation between Bitcoin's price and the U.S. stock markets, specifically the Nasdaq and S&P 500, has dropped to nearly zero, the lowest in two years, according to Block Scholes. This suggests that crypto traders relying solely on traditional market sentiment might be surprised. The recent filings for spot Bitcoin ETFs by BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others have brought optimism to the crypto market. Since BlackRock's filing on June 15, Bitcoin has seen a 25% return, unaffected by the stagnant U.S. stock indices.
July 05, 2023 | 4:41 pm
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POSITIVE IMPACT
BlackRock's filing for a Bitcoin ETF has been followed by a 25% return in Bitcoin, unaffected by the stagnant U.S. stock indices.
BlackRock's filing for a Bitcoin ETF seems to have had a positive impact on Bitcoin's price, suggesting that the market views this as a positive development. This could potentially have a positive impact on BlackRock's reputation and standing in the crypto market.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Bitcoin's price appears to be disengaging from the U.S. stock markets, suggesting potential surprises for crypto traders relying solely on traditional market sentiment. The recent filings for Bitcoin ETFs have brought optimism to the crypto market.
The disengagement of Bitcoin's price from the U.S. stock markets suggests that it is becoming less influenced by traditional market forces and more by its own dynamics. The recent filings for Bitcoin ETFs by major firms have brought optimism to the crypto market, which could potentially drive Bitcoin's price up.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100