Market update: Bitcoin trading at yearly highs

Is the tide turning in the crypto market?

In the last seven days, bitcoin (+11%) has seen strength followed by strength, leading it to reach yearly highs, currently trading at $47,500. Bitcoin's strength could be caused by the sustained accumulation from the Luna Foundation Group.

ETH (+13%) is following bitcoin closely, slightly outperforming BTC over the last seven days, while the 90-day correlation grows further. BNB has slightly underperformed, seeing 7% gains in the last week.

The 90-day correlation between BTC and the S&P 500 is still climbing and now sits above 0.5. While bitcoin currently experience a unique structural buying pressure caused by LFG’s BTC reserves strategy, the growing correlation to equities suggests that the strong stock market recovery has impacted the recent strength witnessed in bitcoin.

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