The 40-day correlation between Bitcoin and the Nasdaq 100 index has dropped to zero, according to calculations by CoinDesk.
Over the past four years, this price relationship has been positive, ranging from moderate (0.15) to strong (0.8).
The indicator reached its peak during the bear market of 2022.
The publication attributed the divergence to the market’s focus on the potential launch of a spot Bitcoin ETF in the United States. The consensus forecast suggests that the SEC will approve the product on January 10.
The nullification of the correlation may also indicate the potential for using the leading cryptocurrency as a means of diversifying an investment portfolio, CoinDesk noted.
Experts from Fairlead Strategies interviewed by the publication expressed optimism about the continued “independence” of Bitcoin in the near future.
“We believe the price relationship will remain low in the coming months, given the possible approval of a spot Bitcoin ETF and the halving in April. Additionally, risk assets typically show lower correlation in bull markets compared to bear markets,” the experts explained.
Earlier, experts from K33 Research explained the advantages of spot Bitcoin ETFs for ordinary investors.