Bitcoin's correlation with U.S. stocks drops to five-year low

According to data from Odaily Odaily, in 2024, Bitcoin and the Nasdaq index will only fluctuate in the same direction 52%, and the 30-day correlation will drop to 0.46, one of the lowest levels in the past five years. According to Fidelity data, the correlation between Bitcoin and the S&P 500 index is only 19%, with the best Sharpe ratio among major asset classes. Since Trump won the US election on November 6, Bitcoin has broken through $93,000 to set a new high, while the Nasdaq index has fallen 4% from its all-time high. According to Glassnode data, Bitcoin's 30-day implied volatility has dropped from 100% in 2021 to about 60% currently. As the world's seventh largest asset, Bitcoin is gradually getting rid of its correlation with traditional risky assets and showing independent market performance. (Coindesk)