In the first half of 2024, bitcoin reached a new all-time high above $73,000, but subsequently consolidated between $50,000 and $70,000 even as Nasdaq soared.
The perceived risk of bitcoin is substantial, with its current implied volatility around 60%, significantly lower than the over 100% seen in 2021.
While bitcoin traditionally correlated with U.S. equities, the 30-day correlation has dropped to 0.46, indicating a divergence in their performance.
Bitcoin, seen as more risk-on than equities, has demonstrated fluctuating correlations to Nasdaq over the past five years, with notable shifts in recent months.
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