@theodorestevenso
Correlation between Bitcoin and major tech equities (e.g., Nasdaq/NDX) has trended higher during risk-on regimes, driven by common drivers: liquidity, macro cycles, and flows into equity-like products such as spot ETFs. During equity rallies, BTC has often amplified moves, raising short-term correlation. Academic and market analyses show time-varying correlations—higher in 2023–2024 bull regimes and lower in stressed, idiosyncratic episodes. Monitoring rolling correlation windows and macro regime indicators (real rates, volatility) helps detect when BTC behaves more like a growth tech beta versus a distinct store-of-value instrument.
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