Bitcoin Just Broke Up with Nasdaq — And No One Saw It Coming
Bitcoin recently decoupled from the Nasdaq 100, falling while the index rose, suggesting it is neither a risk-on nor safe-haven asset.Summary
Bitcoin has recently shown a significant decoupling from the Nasdaq 100, declining about 2.09% over the past week while the Nasdaq climbed 1.34% and gold surged. This divergence, which began sharply around October 15, suggests Bitcoin is currently functioning as neither a traditional risk-on nor a safe-haven asset. Analysts attribute this break in correlation, which had been high earlier in the year, to the massive $19 billion crypto liquidation event on October 10. This event may have washed out speculative leverage, as stablecoin inflows shifted from spot exchanges to derivatives exchanges, indicating reduced organic spot buying pressure. While Bitcoin lagged, altcoins like ETH and SOL showed resilience, recovering faster. Future price action depends on macroeconomic data releases and potential de-escalation in the US-China tariff dispute, which President Trump suggested might be easing.
(Source：BeInCrypto)