Bitcoin’s correlation with U.S. equities over the past six months was lower than that of gold, small-cap stocks, emerging-market assets, and U.S. Treasuries, according to Bloomberg ETF analyst Eric Balchunas. Balchunas said Bitcoin’s historical correlation with U.S. stocks has generally held around 0.4, while gold and Treasuries have recently shown a notably stronger link to equities. He added that although the six-month window is relatively short, it is enough to challenge the claim that Bitcoin is simply "another QQQ."