June 15 (Cointime) - Bitcoin's relationship with traditional financial assets has become unpredictable, with the cryptocurrency becoming less volatile but also less predictable. Despite this, onchain data suggests that bitcoin holders are not currently bearish.
Bitcoin has gone through various narratives in recent years, from being a hedge against dollar inflation to an uncorrelated financial asset. Its correlation with traditional assets has shifted dramatically, with the correlation coefficient between bitcoin and copper futures dropping from 0.88 to -0.74. Despite recent regulatory risks, there are few signs of increasing volatility ahead for bitcoin.
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