Bitcoin Returns to a Negative Correlation With the USD

After moving as high as 0.84 on 19 November, the correlation coefficient of Bitcoin to the U.S. Dollar Index (DXY) has now fallen to -0.36, indicating an inverse relationship. Macro trends affecting USD should start to have an increased effect on crypto, and Institutional-sized asset managers continue to trim their long exposure to Bitcoin.

  • Correlation coefficient of BTC to the U.S. Dollar Index (DXY) has fallen to -0.36
  • Macro trends affecting USD should start to have an increased effect on crypto
  • Institutional-sized asset managers continue to trim their long exposure to Bitcoin

The relationship between two different assets is measured via the correlation coefficient. This results in a range between 1 and -1, with a positive 1 being a direct pricing relationship and a negative 1 being an inverse correlation. After moving as high as 0.84 on 19 November, the correlation coefficient of Bitcoin (BTC) to the …

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