Bitcoin Decouples from Nasdaq as Speculation Grows Over Imminent BTC ETF Approval
• Bitcoin has decoupled from the Nasdaq tech stock index after 4 years of moving in tandem • The correlation between BTC and Nasdaq now stands at 0, indicating no relationship currently • Decoupling attributed to speculation around a spot Bitcoin ETF approval in the US by Jan 10 • Breakdown allows Bitcoin to act as a portfolio diversifier compared to tech stocks • Analysts expect correlations to remain low ahead due to events like a BTC ETF and 2024 halving