NYDIG Says Bitcoin Rally Not Tied to Tech Stocks
Bitcoin News
The recent parallel movement between 
$BTC and U.S. software stocks reflects shared exposure to macro conditions, not a structural convergence between the two asset classes, according to financial services firm NYDIG. Greg Cipolaro, NYDIG's head of research, made the argument in a note published Friday.
"While the visual fit of their indexed price is compelling, the conclusion that Bitcoin and software equities have structurally converged, or that they share common exposure to themes such as AI or quantum risk, is overstated," Cipolaro wrote. He attributed the tandem rally to what he called "shared exposure to the current macro regime," describing both as long-duration, liquidity-sensitive risk assets.
Bitcoin's 90-day rolling correlation with software stocks has risen since #Bitcoin hit its all-time high above $126,000 in early October, but Cipolaro noted that correlations with the S&P 500 and Nasdaq have also climbed during the same period. That parallel shift, he argued, suggests the dynamic is not specific to the software sector.
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