The 30-day moving average of the correlation coefficient between Bitcoin and Ethereum slipped below 0.8 — to 0.78. A similar situation has not been seen since November 2021, according to Kaiko.
#BTC‘s rolling 30-day #correlation with #ETH fell below 80% this week for the first time since Nov 2021. pic.twitter.com/5DsXQAbexH
— Kaiko (@KaikoData) May 12, 2023
In other words, the price movements of the two cryptocurrencies have become less correlated.
In April 2023, Coinbase analysts explained the developing trend by rising regulatory pressure SEC on cryptocurrencies other than Bitcoin. Another factor was turbulence in the banking sector, which spurred interest in digital gold.
The weakening of the correlation became more noticeable in the days after Shapella, — the analysts said.
As noted, the withdrawal of 48,000 validators with 1.55 million ETH from staking did not affect Ethereum’s price, according to Glassnode.