Bitcoin continues to show a lack of correlation with the Nasdaq 100, with the leading tech index seeing gains while bitcoin struggles to keep up. Year-to-date gains for Nasdaq 100 stand at 20%, while bitcoin is only up 3%.

Wintermute’s Jasper De Maere notes that the correlation between bitcoin and Nasdaq 100 remains high at about 0.8. However, bitcoin’s reaction is asymmetrical, with muted responses to equity rallies and sharper movements during sell-offs.

De Maere measures this through “performance skew,” which has been consistently negative for some time. This negative skew reflects bitcoin’s lagging performance in a risk-off environment compared to the Nasdaq.

The recent performance skew levels for bitcoin have fallen to lows not seen since the last major bear market in late 2022. This negative asymmetry typically signals exhaustion for bitcoin investors rather than strength.

Reasons for bitcoin’s struggle include a loss of mindshare, satisfied speculative appetites in stocks, slowing ETF inflows, plateaued stablecoin issuance, and decreased market depth across exchanges compared to early 2024 levels.

Read more at Yahoo Finance: What It Is, Why It’s Frustrating Bitcoin Bulls, and Why It Might Mean a Bottom is Near