Recently, a noteworthy viewpoint in the financial sector is sparking widespread discussion: Bitcoin may be gradually shedding its label as a "high-risk asset" and evolving towards a more mature asset class. This perspective comes from Fidelity Digital Assets, a division of the globally renowned asset management company Fidelity.

On September 12, 2023, Fidelity Digital Assets published a brief yet profound observation on social media: the correlation between Bitcoin and the 10-year U.S. Treasury yield is changing, which may indicate that Bitcoin is entering a new phase beyond high-risk assets. Given that Fidelity manages up to $7.2 trillion in assets, this judgment undoubtedly carries significant weight and influence.

To fully understand Fidelity's perspective, we first need to grasp the concept of asset correlation. In short, asset correlation reflects the interconnectedness of price movements between different assets. The traditional view holds that Bitcoin belongs to the high-risk asset category, and its price movements typically align with those of risk assets like stocks, while showing an inverse relationship with safe-haven assets such as U.S. Treasuries.

However, Fidelity's latest observations indicate that this traditional perception is being challenged. Data shows that the 60-day rolling correlation between Bitcoin and the 10-year Treasury yield has fallen to its lowest level on record. This phenomenon suggests that the price movement of Bitcoin is exhibiting greater independence, no longer simply following the pace of traditional risk assets.

This change may indicate that Bitcoin is undergoing a qualitative leap, gradually evolving from a high-risk emerging asset to a more mature and independent asset class. This transformation could not only change investors' perceptions of Bitcoin but also have a profound impact on the entire cryptocurrency market and even the global asset allocation landscape.

With the redefinition of the relationship between Bitcoin and traditional financial assets, investors may need to reassess their investment strategies and risk management approaches. At the same time, this also creates the possibility for Bitcoin to play a more important role in institutional portfolios.

Nevertheless, we should also recognize that the cryptocurrency market still has a high degree of volatility, and the regulatory environment is constantly changing. Therefore, investors need to remain cautious and conduct a comprehensive risk assessment when considering incorporating Bitcoin into their portfolios.