![Bitcoin correlation to Nasdaq sinks to 3% low in June](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/06/bitcoin-nasdaq.jpg&w=70&h=37&q=75)
Bitcoin correlation to Nasdaq sinks to 3% low in June
Following a period of close correlation between Bitcoin and the Nasdaq, this week saw a strong decoupling.
![Bitcoin correlation to Nasdaq sinks to 3% low in June](https://cryptoslate.com/wp-content/uploads/2023/06/bitcoin-nasdaq-768x403.jpg)
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin’s (BTC) correlation with the Nasdaq sank to 3% in June, according to data from Kaiko – indicating diverging sentiment between cryptocurrencies and tech stocks.
The price-performance for the leading cryptocurrency in June was between $24,800 and $31,360, opening the month at $27,200.
BlackRock’s spot Bitcoin ETF filing on June 15 was a bullish catalyst, reversing the prior downtrend to a new year-to-date high of $31,440 some eight days later.
Since then, Bitcoin has been trading in a narrow band between $29,860 and $31,030 – falling 3% since its YTD high on June 23.
![Bitcoin daily chart YTD](https://cryptoslate.com/wp-content/uploads/2023/06/BTCUSD_2023-06-29_10-39-32-1024x464.png)
Meanwhile, the tech-heavy Nasdaq 100 has been in a continuous uptrend since the start of the year – reaching a YTD high of $15,230 on June 16. Since Bitcoin’s year-to-date high on June 23, the Nasdaq has risen 0.7%.
![Nasdaq daily chart YTD](https://cryptoslate.com/wp-content/uploads/2023/06/NDX_2023-06-29_11-07-25-1024x464.png)
On a 30-day basis, the Bitcoin-Nasdaq correlation started the year at 60% and slipped to 22% by March, indicating a decrease in the similarity of price movements between the two. This period of change consolidated somewhat, with the correlation struggling to rise above 45%.
The Bitcoin-Nasdaq correlation has continued to move lower throughout the year, dropping sharply to 3% this week from over 20% in May.
![BTC-tech stock correlation](https://cryptoslate.com/wp-content/uploads/2023/06/FzsvSntXsAc6La6.jpg)
Data research firm Ecoinometrics published a chart of Bitcoin-Nasdaq range movements from the start of the year to June 24. It showed a similar trend between the two until April, after which a “nice decoupling” occurred.
Ecoinometrics further commented that the Nasdaq’s performance is disconnected from the broader macroeconomic landscape – implying an uptrend reversal is on the cards.
“But this bear market rally for stocks cannot escape the bleak macro picture forever.“
![Bitcoin - Nasdaq range](https://cryptoslate.com/wp-content/uploads/2023/06/FzUx13daIAAGmLJ-1024x512.jpg)