Bloomberg ETF analyst Eric Balchunas revealed that over the past six months, Bitcoin's correlation with U.S. stocks has been lower than that of gold, small caps, emerging markets, and even U.S. Treasuries. Bitcoin's correlation coefficient stands at around 0.40, while the correlations for gold and Treasuries have risen. He noted the short timeframe but said the data challenges the “Bitcoin only correlates with QQQ” narrative.
Bloomberg ETF analyst Eric Balchunas posted on X that over the past six months, Bitcoin's correlation with U.S. stocks has been lower than that of gold, small-cap stocks, emerging market stocks, and even U.S. Treasury bonds. After verifying the data, he found Bitcoin's correlation coefficient stood at around 0.40, while correlations for gold and U.S. Treasuries have risen.
Balchunas noted that although the time window is short, the figures are worth noting, and they do not support the argument that "Bitcoin only correlates with QQQ" (the Nasdaq 100 ETF).
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