The biggest crypto currency Bitcoin (BTC) $108,877.58 with USA 10 -year Treasury bonds The correlation between it fell to the lowest level in history. Bitwise European Research Head Andre DragoschThe 60 -day “Rolling Correlation” chart shared by the ‘shared shows that the two assets are now moving almost in opposite directions. This striking breaking in the correlation is interpreted as a powerful signal that investors may move away from classical bond security and turn the largest crypto money. Although the data revealed that both Bitcoin’s price and 10 -year bond return in the same period, the real story behind the narrative began to change.
The correlation between Bitcoin and bonds is at the bottom
For those who do not know, the correlation measures the synchronization of the price movements of the two assets. Values approaching zero or return to negative indicate that the directions are broken. In Dragosch’s current graph, the correlation went below zero and relied on a record level negative. This reveals that Bitcoin is now priced in the opposite direction, independent of Treasury bonds.
Analysts emphasize that Bitcoin is replaced by the bonds used for “portfolio protection” and for investors looking for growth. It is possible to see that the perception of risk is transformed while market psychology changes.
Observer argues that this separation is not only technical but structural. High inflation expectations and budget deficits When pushing long -term bond returns up, the price is suppressing. In the same environment, Bitcoin stands out with its limited supply and alternative value storage. The increase in funds allocated to Bitcoin in corporate reports and the frequency of the concept of “digital gold ında in cash management policies prove that the narrative is accelerating. As a result, the correlation peaked when the bottom is at the bottom.
Rotation signals seen in investor preferences
At the beginning of April, the 10 -year return, which was 4.21 percent, climbed to 3.86 percent in the middle of the month and climbed to 4.59 percent in a short time. In the first three weeks of May, it rose to 4.63 percent. In the same period, Bitcoin declined before 82 thousand dollars, then rose by 23 percent until April 30. In May, he jumped from $ 94 thousand to 112 thousand dollars. In other words, Bitcoin gained value while climbing bond returns. The demand for two assets at the same time highlighted the theme of “risk-on”. This is both interest and interest in investors in search of return to inflation. crypto currency He says that they have diversified their portfolios by building axis positions.
However, towards the end of the month, profit sales were seen on both fronts. Bond returnsRelaxation in 4.42 percent, Bitcoin withdrawal was around 5 percent in total. This correction shows that the market is a short -term excessive optimism but does not disrupt the theme of general rotation. As the interest rate of interest continues, the idea of çık Get out of bonds, switch to crypto money ”seems to remain in the agenda of many actors, especially the fund managers.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
