Eric Balchunas, senior ETF Analyst at Bloomberg Intelligence, posted on X about Bitcoin's correlation with technology and stock indices. He noted that Bitcoin, often perceived as a risk asset, shows a ten-year correlation of 0.43 with the iShares Expanded Tech-Software Sector ETF (IGV). This correlation is slightly higher than its 0.39 correlation with the S&P 500 (SPY).
These figures suggest that while Bitcoin shares some characteristics with technology stocks, its correlation with the broader stock market is not significantly different. This analysis provides insight into Bitcoin's behavior in relation to traditional financial markets, highlighting its unique position as both a technology-related asset and a broader market participant.