- Bitcoin and S&P 500 lost their correlation following the ETF launches.
- While the S&P 500 continues to climb higher, Bitcoin has seen a steep decline in its price.
- Arthur Hayes said BTC’s performance indicates there might be hiccups ahead.
As Bitcoin lingers in the bearish zone, BitMEX co-founder, Arthur Hayes pointed out that the flagship cryptocurrency asset has lost its correlation with the S&P Index — an index that tracks the price of the largest stocks in the US market.
In a recent tweet on social media platform X (formerly Twitter), Hayes noted these changes started following the launch of spot Bitcoin exchange-traded funds (ETF) in the United States. The highly anticipated ETF launches came on January 11, after the US Securities and Exchange Commission (SEC) approved all pending applications.
According to Hayes, the divergence in BTC and S&P price movements indicates different future expectations. While referencing a snapshot showing the price movements, Hayes said, “BTC is telling us that there are hiccups ahead for $.”
However, the founder said certain metrics expected …
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