Key highlights:
- Bitwise Europe research head André Dragosch expects Bitcoin to continue outperforming stocks as its correlation with the S&P 500 weakens
- Dragosch says Bitcoin’s growing correlation with gold and declining correlation with equities point to its emergence as an independent macro asset
- Bitwise’s research shows Bitcoin’s 260-day correlation with the S&P 500 has fallen to its lowest level since 2015, supporting the case for further outperformance
Bitcoin continues its fine form
BTC is trading at the $84,030 price point, showing flashes of a potential run beyond $85K. The asset has gained nearly 2% in the last 24 hours while daily trading volumes are up by 8% at $33.71 billion.
The impressive run saw Bitcoin record its highest weekly close in eight months as prices topped $84,000. Beneath the hood, weekly Bitcoin ETF inflows surged to an 11-month high, raking in $2.39 billion.
Alongside the impressive ETF haul, corporate BTC holders are increasing the size of their holdings. Early in the week, Strategy purchased 1666 BTC, a 75% increase from its last acquisition, setting the pace for other treasury companies. This week, Strive and Capital B also increased their BTC holdings, riding the wave of enthusiasm around the largest cryptocurrency.
Source:: Bitcoin Will Continue to Outperform the S&P 500, Says Bitwise Research Head