The integration of Bitcoin into mainstream markets took a significant leap forward with the SEC’s approval to the first spot Bitcoin ETF in the U.S. This benchmark event shows the necessity of understanding its interaction with conventional assets, especially for the traditional investor looking to diversify their portfolios.
Correlation coefficients, the statistical measures reflecting the extent to which two securities move in relation to each other, lie at the heart of this understanding. Glassnode’s latest report, a collaboration with Coinbase Institutional, provides a robust introduction to crypto market fundamentals for institutional investors, including the correlation between Bitcoin and a spectrum of traditional assets throughout 2023, such as the S&P 500, copper, and the VIX.
Bitcoin’s relationship with Ethereum is central to the crypto market. The two assets showed a strong positive correlation of 0.83 throughout 2023, indicating a parallel response to market movem
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