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

CoinFeed 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 driven by shared macroeconomic factors than by structural convergence. He pointed out that the price movements of Bitcoin and software stocks are visually compelling, but conclusions suggesting structural convergence or shared exposure to AI or quantum risk themes are exaggerated. Cipolaro analyzed 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 also indicates that this shift is not limited to software stocks.