The correlation between Bitcoin and the US stock market has dropped to a five-year low

Odaily Planet Daily reported that in 2024, Bitcoin and the Nasdaq index had only 52% of the same direction of volatility, and the 30 day correlation dropped 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 Sharpe ratio performing the best among major asset classes. Since Trump won the US election on November 6th, Bitcoin has surpassed $93000 to reach a new high, while the Nasdaq index has fallen 4% from its historical high. According to Glassnode data, the 30 day implied volatility of Bitcoin has decreased from 100% in 2021 to approximately 60% currently. As the seventh largest asset in the world, Bitcoin is gradually breaking away from its association with traditional risk assets and demonstrating independent market performance. （Coindesk）