NYDIG Research Director: The correlation between Bitcoin and tech stocks is exaggerated.

PANews reported on March 9th, citing Cointelegraph, that Greg Cipolaro, head of research at NYDIG, stated that the recent synchronized rise of Bitcoin and the US software sector is more due to shared macroeconomic factors than structural convergence. He pointed out that the price movements of Bitcoin and software stocks are visually compelling, but the conclusion that they are structurally converging or jointly exposed to AI or quantum risk themes is exaggerated.

Cipolaro's analysis suggests that, statistically, only a quarter of Bitcoin's price fluctuations can be explained by its correlation with the stock market, with at least 75% driven by factors outside of traditional stock indices. The recent increase in Bitcoin's correlation with the S&P 500 and Nasdaq indicates that this shift is not limited to software stocks. He believes Bitcoin does not appear to be priced in as a macro hedge, explaining the continued confusion surrounding its failure to perform like gold despite being labeled "digital gold." He also emphasizes that Bitcoin's unique market structure and economic drivers support its role as a portfolio diversification tool.