Bitcoin is showing a notable divergence from tech stocks and gold, with analysts highlighting its near-zero correlation with the Nasdaq and a negative correlation with gold. The cryptocurrency is currently priced at $87,444.88, marking a 0.27% increase over the past 24 hours. Despite an attempt to surpass $88,000, trading volume decreased by 34.38% to $215.4 billion.
Analyst Maartunn points to ETF inflows and on-chain data as the primary drivers of Bitcoin's current market behavior. The shift in correlation and market sentiment, as indicated by the fear and greed index, suggests a maturing market, according to some observers.
Bitcoin Diverges from Tech Stocks and Gold, Analysts Observe
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