TREE NEWS reports: Bloomberg ETF analyst Eric Balchunas said on Sept. 2 that over the past six months, Bitcoin’s correlation with U.S. stocks has been lower than that of gold, small caps, emerging markets, and U.S. Treasuries. He noted Bitcoin’s historical correlation with equities is around 0.4, while gold and Treasuries have seen a notable rise in correlation recently. Balchunas said the window is short but enough to refute the claim that Bitcoin is just another QQQ.
Bloomberg ETF Analyst: Bitcoin’s 6-Month Stock Correlation Below Gold, T-Bills
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AI take
This data point challenges a common narrative that Bitcoin trades purely as a risk asset. If the lower correlation persists, it could strengthen the case for Bitcoin as a diversifier within portfolios, potentially attracting allocators who previously dismissed it. The short observation window is a caveat, but it raises a key question: whether this decoupling is a temporary market regime or a structural shift. Watch whether this correlation trend holds during the next equity drawdown, as that will be the true test of Bitcoin's independence from traditional risk assets.
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