A directionless but highly correlated market

A flat week in the crypto market, as bitcoin consolidates within a narrow range, seeing -1% returns over the past seven days.
Source: NYDIG Data

Currently, the S&P 500 seems to dictate the direction of bitcoin and the overall crypto market, evident by correlations reaching new highs. Bitcoins’ 90-day correlation to the S&P 500 is currently at its highest since October 2020.

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