BTC-Nasdaq100 90-day correlation rises, with short-term bulls strategically buying and supporting above $60,000

Citing data from cryptocurrency market data platform Kaiko, bitcoinnews reports that “the BTC-Nasdaq 100 90-day correlation ratio hit 0.17. This is a significant increase from the year-to-date low of 0.01 recorded in March. Nevertheless, the correlation between Bitcoin and risky assets is still well below the bull market peak of 0.6.” Correlation coefficients range from +1 to -1, with a value closer to -1 indicating that the two variables have a perfect negative correlation (inverse correlation).

Meanwhile, among whales holding more than 1000 BTC, short-term holders of less than six months are strategically buying around the $60,000 mark. These are mainly investors who came into the market after the approval of the spot ETF and are showing a consistent buying pattern. This suggests that $60,000 has become an important support level. Longer-term whales, those who have held BTC for more than six months, have a realized price (average on-chain acquisition price) of $20,000 and have rarely left the market.