Bitcoin's Correlation With US Stock Market Reaches 18-Month High

According to BlockBeats, data from K33 Research reveals that the correlation between Bitcoin and the US stock market has reached its highest level in 18 months. This comes after the record 19-day net inflow into the US spot Bitcoin ETF ended on June 11. The 30-day correlation coefficient between Bitcoin and Nasdaq has increased to 0.64 for the first time since 2022. This indicates a significant relationship between the performance of Bitcoin and the US stock market, suggesting that the two are moving in a similar direction. The correlation is the highest it has been in a year and a half, highlighting the increasing interconnection between traditional financial markets and the cryptocurrency sector.