The 40-day correlation between BTC and tech index Nasdaq 100 has fallen to zero, CoinDesk has reported.
Available data shows that over the past four years, this price relationship has been positive and has ranged from moderate (0.15) to strong (0.8).
The indicator peaked during the bear market of 2022.
Apparently, the discrepancy is due to the change in market participants' approach to the launch of a spot Bitcoin ETF in the United States.
The US Securities and Exchange Commission (SEC) is expected to approve the instrument on January 10.
In addition, the fact that the correlation has been set at zero could also mean the cryptocurrency can be used as a means of diversifying an investment portfolio.