Correlation of Bitcoin with macro assets
What it shows
A correlation matrix of Bitcoin against key macro assets (gold, S&P 500, Nasdaq, CD20 and others). It shows how strongly and in which direction each asset moves relative to BTC, and how that relationship translates into impact on the crypto market. Correlation is computed by CryptoPulsar from daily returns over a 7d or 30d window.
How to read it
First look at the sign and strength of the correlation: strongly positive means the asset and BTC play on the same team, strongly negative means they pull in opposite directions. Then pair it with the Impact column so you instantly know whether the asset's rise is a tailwind or a headwind for crypto. Always check the number of points, as a correlation from a handful of observations can be coincidental. Practical takeaway: when strongly positive-correlated assets rise while strongly negative ones fall, the macro backdrop coherently favors crypto; a split between these signals points to uncertainty.
Parameters
- Correlation with BTC
- A coefficient from -100% to +100%: how closely the asset moves together with Bitcoin.
- Positive reading: Strongly positive (>+50%): the asset and BTC move together, the macro move confirms crypto's direction.
- Negative reading: Strongly negative (<-50%): the asset moves opposite to BTC (e.g. the dollar), and its rise is a headwind for crypto.
- Neutral reading: Weak (between -30% and +30%): the asset moves largely independently of BTC.
- Crypto Impact
- The direction of impact (Positive / Negative / Neutral) derived from the sign of the correlation with BTC.
- Positive reading: Positive: the asset's rise historically goes hand in hand with crypto strength (risk-on).
- Negative reading: Negative: the asset's rise historically goes hand in hand with crypto weakness (risk-off).
- Neutral reading: Neutral: no clear, one-directional link with the crypto market.
- Data Points
- The number of daily observations used to compute the correlation.
- Neutral reading: More points mean a more reliable result; a small number = treat the correlation with caution.
- Window (7d / 30d)
- A toggle for the period over which the correlation is computed.
- Neutral reading: 7d shows the short-term market regime; 30d gives a more stable, structural picture of the relationship.
Example
Nasdaq shows a +72% correlation with BTC and 'Positive' impact over 30 data points; this is a reliable signal that the tech rally supports crypto. At the same time DXY shows -64% correlation and 'Negative' impact, meaning that when the dollar rises it acts as a brake on the crypto market.