Wintermute said that Bitcoin continues to trace U.S. equities carefully, however with a persistent unfavourable efficiency skew that has intensified by 2025. The agency shared the evaluation in a market replace revealed this morning, noting that BTC reacts extra sharply to Nasdaq-100 declines than to intervals of fairness energy.
In response to Wintermute, the BTC–Nasdaq correlation stays elevated, but the asset “absorbs the ache, not the optimism,” a sample usually related to late-stage bear-market conduct. Analysts add that lowered crypto liquidity and a rotation of investor consideration towards tech equities have bolstered this asymmetry, whilst Bitcoin trades close to its historic highs.
The agency expects this skew to slender as liquidity circumstances enhance, pointing to rising ETF volumes and a stabilizing derivatives market as indicators to observe. Wintermute will launch a follow-up report subsequent week with up to date cross-asset volatility metrics.
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