• Bitcoin’s correlation with the Nasdaq sank to 3% in June, according to data from Kaiko.
• The price-performance for Bitcoin was between $24,800 and $31,360 in June.
• BlackRock’s spot Bitcoin ETF filing on June 15 was a bullish catalyst that saw BTC reach a YTD high of $31,440 some eight days later.
Bitcoin’s Correlation to Nasdaq Sinks
Data from Kaiko showed that Bitcoin’s correlation with the Nasdaq sank to 3% in June. BTC opened the month at $27,200 and traded between $24,800 and $31,360 during this period.
BlackRock’s Spot Bitcoin ETF Filing
BlackRock’s filing of a spot Bitcoin ETF on June 15 acted as a bullish catalyst that sent BTC’s price surging to its year-to-date high of $31,440 eight days later. Since then, BTC has been trading in a narrow band between $29,860 and $31,030 – falling 3% since its YTD high on June 23.
Nasdaq Reaches YTD High
The tech-heavy Nasdaq 100 has been in an uptrend since the start of 2021 and reached its year-to-date high of $15,230 on June 16. In comparison to this growth rate however, BTC has fallen 3% since its YTD high on June 23rd.
Bitcoin Remains Volatile
Despite the correlations seen earlier this year between Bitcoin and tech stocks like the Nasdaq 100 index – these have significantly decoupled over the course of June indicating diverging sentiment between cryptocurrencies and traditional markets like tech stocks. Despite this decoupling however; BTC remains volatile in terms of its pricing movements over short periods of time which could lead to further dips or surges depending on market events or news announcements over the coming weeks or months.
Conclusion
Overall it seems that while there were correlations between Bitcoin (BTC) prices and traditional markets like tech stocks earlier this year – these have decoupled significantly over the last month due to diverging sentiments about cryptocurrency investments versus more traditional investments like those found within stock markets such as the NASDAQ 100 index. Despite this however; volatility remains present within crypto markets so investors should remain vigilant when making any decisions about investing into cryptocurrency assets such as BTC going forward.
