Greg Cipolaro, Head of Research at NYDIG, highlighted in a recent market report that Bitcoin's correlation with U.S. stock indices like the S&P 500 and Nasdaq 100 has increased to approximately 0.5. However, he noted that stock market factors account for only about 25% of Bitcoin's price fluctuations. The remaining volatility is primarily driven by crypto-specific factors such as fund inflows into Bitcoin, changes in derivatives positions, network adoption, and regulatory shifts. Cipolaro emphasized that the current price linkage reflects broader macro liquidity and risk appetite environments rather than a structural bond between Bitcoin and tech stocks. As a result, Bitcoin continues to offer diversification value in investment portfolios.