Matrixport: The correlation between Bitcoin and the NASDAQ has reached an extreme level, which may lead to a divergence in trends

On March 25th, Matrixport released a daily chart analysis stating that the actual correlation between Bitcoin ETF IBIT and Nasdaq's 30-day is approaching 70%. This level has only appeared twice in history, indicating that Bitcoin is currently driven by the same macro factors as other risk assets. This high correlation mainly reflects the market's re-estimation of earnings expectations before the first quarter earnings season and the negative impact brought about by uncertainty in tariff policy.

Therefore, this has caused recent trends in Bitcoin to be highly consistent with those of US tech stocks. However, historical data shows that such a high correlation is usually difficult to sustain, suggesting that there may be divergent trends between Bitcoin and Nasdaq in the future.