Bitcoin breaks $24k – correlation seen with traditional assets trending downwards YTD

As Bitcoin breaks $24k, correlation to traditional assets revealed — Bitcoin and S&P 500 only 16% correlated year to date (YTD).

This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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Quick Take

  • Bitcoin was strongly correlated to traditional assets during 2022 due to uncertainty in the unprecedented speed of rate hikes from the federal reserve.
  • However, as 2023 continues to unfold, Bitcoin seems to be decoupling from traditional assets and going into a class of its own — roughly 50% up year-to-date.

On a YTD view;

  • BTC is -0.17% correlated to the US 10-year government bond yield.
  • BTC is 0.15% correlated to the S&P 500 (YTD low).
  • BTC is 0.24% correlated to the Nasdaq.
  • BTC is -0.19% correlated to the DXY.
  • BTC is 0.17% correlated to TLT.
BTC Correlation against Traditional Assets: (Source: Trading View)
BTC Correlation against Traditional Assets: (Source: Trading View)