Bitcoin continues to exhibit a strong correlation with the Nasdaq-100, particularly during market downturns, according to a report by Wintermute. Despite trading near record highs, Bitcoin reacts more sharply to equity market declines than to rallies, indicating investor fatigue rather than enthusiasm. The correlation between Bitcoin and the Nasdaq stands at approximately 0.8, with Bitcoin behaving like a high-beta asset, amplifying macroeconomic fears. This trend, reminiscent of the late-2022 bear market, has persisted throughout 2025. The divergence is attributed to a shift in market focus towards equities and fragile liquidity conditions in the crypto market, characterized by stagnant stablecoin supply and slower ETF inflows.