Gate News reports that on March 9, NYDIG research director Greg Cipolaro stated that Bitcoin’s recent synchronized rise with the U.S. stock software sector is more due to common macroeconomic factors rather than structural convergence. He pointed out that the visual correlation between Bitcoin and software stocks is convincing, but the conclusion that they are structurally similar or jointly exposed to AI or quantum risk themes is exaggerated. Cipolaro analyzed that, from a statistical perspective, only about 25% of Bitcoin price movements can be explained by its correlation with the stock market, with at least 75% driven by factors outside traditional stock indices. The correlation between Bitcoin and the S&P 500 and Nasdaq has also recently increased, indicating that this change is not limited to software stocks. He believes Bitcoin does not appear to be priced as a macro hedge, which also explains why, despite being labeled as “digital gold,” it has not performed as consistently as gold. He also emphasizes that Bitcoin’s unique market structure and economic drivers support its role as a diversification tool in investment portfolios.
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