Post #2358

Bitcoin is no longer trading in isolation, and the correlation data makes that clear. Its relationship with equities has stabilized around 0.4–0.6 since 2020, while gold recently flipped sharply negative, breaking the old “digital gold” narrative. This shift lines up with ETF-driven flows, where BTC is increasingly positioned inside macro portfolios alongside risk assets. Bonds still show weak correlation, so Bitcoin is not a hedge there either. BTC now reacts to liquidity, rates, and risk appetite the same way equities do, at least for this phase of the cycle.