Coinbase Institutional said Bitcoin was more resilient than chip stocks during two recent selloffs, arguing that markets no longer treat it as a leveraged proxy for technology shares.
Two periods of divergence
From June 22 to July 29, Bitcoin was roughly flat while the Nasdaq 100 fell about 10%, the SOX semiconductor index 29%, Micron 39%, South Korea’s KOSPI 38% and SK Hynix 52%, according to the figures cited by BlockBeats.
Since Oct. 2, Bitcoin was down about 3%, compared with declines of roughly 4% for the Nasdaq 100, 14% for SOX, 16% for Micron, 21% for KOSPI and 31% for SK Hynix. The comparison uses Coinbase Institutional’s chart figures; the flash does not provide methodology or a forecast for future correlations.