Bitcoin’s correlation to US technology stocks has rarely been higher: The 30-day correlation between Bitcoin and the Nasdaq 100 Index hit ~0.80, the highest since 2022. This is also the 2nd-highest reading over the last 10 years. Correlation has remained positive over the last 5 years, except for brief periods in 2023. As a result, Bitcoin’s 5-year correlation to the Nasdaq index reached 0.54. By comparison, Bitcoin’s relationship to cash and gold has been essentially zero. Bitcoin is increasingly behaving like a leveraged tech stock.(The Kobeissi Letter)