October 5, 2020, 6:40AM EDT
• 2 min read

Correlation of Bitcoin to equities spikes after bad macro days but then goes away

Quick Take

  • Bitcoin’s correlation to equities only spikes up following bad macro performance and then goes away when macro gets better
  • Bitcoin currently performs as a risk asset with a higher beta — underperforming when the markets are risk-off and outperforming when markets are more confident
  • It appears that the wider bull market was partially interrupted by the macro uncertainty

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