Bitcoin (BTC) Has Recently Witnessed a Notable Shift When Compared with the Traditional Finance

As per the data from OKX Ventures, Bitcoin has formally decoupled from the stocks market in the United States while strengthening its correlation with the precious metal gold.

Bitcoin (BTC) has recently shown a interesting shift in correlation compared to traditional finance assets, especially with the U.S. stocks market. According to data from OKX Ventures, Bitcoin has now decoupled from the U.S. stocks market while showing stronger correlation with the precious metal gold.

As the prominent crypto exchange, OKX's investment arm further highlighted in its latest market analysis, Bitcoin is decoupling from the trend of U.S. stocks, having notably diverged from the S&P 500 and Nasdaq over the past seven days, with the correlation continuing to decline (S&P: 0.68→0.27).

This occurred as Bitcoin's correlation with gold grew stronger (0.05→-0.51).

Bitcoin’s Sees Significant Rise in Gold Correlation Amid Decoupling with Stocks

The data from OKX Ventures highlights Bitcoin's unique identity as "digital gold" is being realized as it shows noteworthy correlation with gold. In contrast, it has decoupled from the stock indices in the U.S.. As such, there has been a steep drop in Bitcoin's bonding with the S&P 500 index over the past week. This metric has reportedly dropped from 0.68 to a lower level of 0.27.

Similarly, Bitcoin's bonding with the Nasdaq Composite has also seen a significant decline. On the other hand, Bitcoin has seen increasing strength in correlation with gold. Notably, from March 24th to April 23rd, Bitcoin's price levels reportedly varied within the $77.5K-$92.5K range.

Moreover, its bonding with the S&P 500 index, despite initial strength, began a steep decline after April 11. Finally, around the 22nd of April, this metric fell below the correlation with gold.

Currently, as the global financial industry experiences significant volatility, market observers are eagerly awaiting whether this pattern will continue or revert to the previous trends.