Bitcoin's weakened correlation with technology stocks, particularly the Nasdaq 100, is causing concern among crypto investors as the digital asset posted a monthly slump in May for the first time since 2023. The 30-day correlation coefficient between Bitcoin and the tech-heavy Nasdaq 100 has dropped to around 0.2 compared to 0.8 in May last year, indicating that they are moving in opposite directions rather than lockstep. While some analysts believe decoupling from mega-cap tech shares could benefit digital assets over the long term, others question how sustainable gains in AI-fueled tech stocks are given their reliance on a handful of names.
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