A structural shift in BTC’s strongly correlated environment to U.S. equities?

BTC’s short-term correlation to the broad financial markets has declined towards yearly low levels, with BTC underperforming Nasdaq. A sign of a structural shift?
Source: Tradingview (Coinbase, Binance US)

Overall, the broad financial market has seen a strong relief in risk assets, evident by Nasdaq seeing 5.77% gains since Aug 1st. Bitcoin usually outperforms equities in these conditions but has underperformed thus far in August (+2.67%). Meanwhile, amid this underperformance, BTC’s correlation to risk assets has declined and flattened near yearly low levels of 0.5-0.6.

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