The correlation between Bitcoin and U.S. tech stocks has reached a new high since 2022

According to The Kobeissi Letter, the 30-day correlation between Bitcoin and the Nasdaq 100 index has reached approximately 0.80, the highest level since 2022. This is also the second highest reading in nearly a decade.

It has been reported that the correlation between the two has remained positive over the past five years, with a brief fluctuation in 2023. Therefore, the five-year correlation between Bitcoin and the Nasdaq index has reached 0.54. In contrast, the correlation between Bitcoin and cash and gold is essentially zero. Bitcoin's performance is increasingly resembling that of a leveraged tech stock.