TechFlow reports that on March 25, Matrixport's Chart of the Day analysis indicated the 30-day realized correlation between Bitcoin ETF IBIT and Nasdaq is approaching 70%, a level historically seen only twice before, suggesting Bitcoin is currently being driven by the same macro factors affecting other risk assets.
The analysis states this high correlation primarily reflects market repricing of earnings expectations ahead of the first-quarter earnings season, along with negative impacts from uncertainties surrounding tariff policies, causing Bitcoin’s recent price movements to closely align with those of the tech sector. Historical data shows such high correlation levels are typically unsustainable, indicating a potential divergence in performance between Bitcoin and Nasdaq in the future.
