Correlation Between Bitcoin and Equities Remains Strong Due to Macroeconomic Uncertainty

Bitcoin is once again asserting its dominance, climbing to 60% market share, a level last seen in 2020. According to the latest QCP Insights, this comes as ether and altcoins struggle to gain momentum, reinforcing BTC’s status as the preferred digital asset during uncertain times.

A key driver behind this shift is weak sentiment toward altcoins and memecoins, particularly following the LIBRA rug pull scandal, which implicated Argentinian President Javier Milei. The controversy has further dampened confidence in speculative tokens, delaying hopes of an altcoin resurgence.

BTC’s price action remains range-bound, and implied volatility continues to decline, with 7-day realized vol dipping to 36v. With no major crypto-specific catalysts in sight, BTC’s movement appears more macro-driven, maintaining a close correlation with equities.

Interestingly, despite economic uncertainties including tariffs, inflation, and Trump’s unpredictable policies, crypto implied volatility and the VIX remain at lows. Open interest has yet to recover significantly after the January month-end expiry, suggesting that traders are waiting for policy clarity rather than just pro-crypto rhetoric.

For now, market participants seem content with near-term range trading, avoiding long-term bets on a major breakout. Until a clear catalyst emerges, BTC’s dominance may continue to rise, reinforcing its position as the crypto market’s anchor.

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