Quick Take
In 2022, U.S. equities and Bitcoin were joined at the hip due to unprecedented rate hikes from central banks worldwide.
A strong correlation occurred until FTX collapsed in November 2022, which saw Bitcoin diverge with equities. However, this was short-lived and not a natural divergence.
As 2023 begins, Bitcoin has continued to diverge away from S&P 500, Dow Jones Industrial Average, and Nasdaq.
Currently, Bitcoin is in a negative correlation with S&P 500 (-0.38), Nasdaq (-0.21), and DJI (-0.38).
Bitcoin and US equities: (Source: Trading View)
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