Bitcoin as a store of value is now questioned after the 30-day correlation with the Nasdaq 100 Futures plummets to 0.0072, the lowest in 21 months.
The correlation, which has been positive since February last year, is now at almost zero after an industry-wide crypto rout.
The 30-day correlation hit an all-time high of 0.56 in September, in what the market thought the crypto could move simultaneously with the tech stock.
Data from Chainalysis does not prove that Bitcoin could be a hedge against inflation, despite the market perception that the digital asset was comparable to the value of gold.
Bitcoin was trading at $58,926 at the time of writing, after dropping from $65,000 at the start of the week and 9% in the last seven days. Meta Platforms and Amazon stocks rose about 3%, while Alphabet gained 1% in the past week.