Analysis: The correlation between Bitcoin and the Nasdaq 100 index hits a three-year high.

According to a report by Kobeissi, as reported by Mars Finance, the 30-day correlation between Bitcoin and the Nasdaq 100 index has reached approximately 0.80, the highest level since 2022 and the second highest in nearly a decade. This correlation has remained positive for the past five years, except for a brief period in 2023. Currently, the 5-year correlation between Bitcoin and the Nasdaq index is 0.54, while its correlation with cash and gold is almost zero. The report states that Bitcoin's performance is increasingly resembling that of a leveraged tech stock.