Crypto market holding up strongly amid macro turmoil

Bitcoin outperformed the stock market in a September marked by macro turmoil. Is the digital gold narrative back?

During the previous seven days, the crypto market has seen slight gains, with BTC up 3%, in a week influenced by GBP volatility, Credit Suisse liquidity concerns, and Nord Stream drama in Europe.

In this backdrop of macro turmoil, the crypto market has held up strongly, as BTC has outperformed the stock market lately. Within the crypto market, BNB keeps outperforming and is up 5% over the past seven days. ETH (1%) underperforms relative to the two other biggest cryptocurrencies for the fourth consecutive week.

Correlations are also showing signs of loosening. Both within the crypto market and between bitcoin and U.S. equities. Bitcoin’s 90-day correlation to Ethereum has fallen to its lowest level since December 2021. Alongside the declining ETH correlation, BTC’s correlation to the S&P 500 has declined to levels not seen since August.

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