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Bitcoin’s Pandemic-Era Correlation With Tech Stocks Disappears

  • Positive recent link with Nasdaq 100 futures is all but gone
  • Shift stirs debate on crypto’s role in diversifying portfolios

A pandemic-era correlation between Bitcoin and Nasdaq 100 futures is evaporating, stirring the debate about what role the token can play in investment portfolios.

The 30-day correlation between the virtual currency and the futures has fallen to almost zero in recent days, from a 2021 peak toward the end of September of 0.56 -- a reading that suggested tech stocks and Bitcoin were often moving in tandem. The correlation had generally been positive since February 2020.