Bitcoin Holds Firm Despite Dollar Index at a Three-Month High… ‘Decoupling’ From Traditional Assets
Summary
- The U.S. Dollar Index (DXY) has neared its highest level in three months, but Bitcoin (BTC) has held the $68,000 line, moving differently from traditional assets, the report said.
- The 30-day correlation between Bitcoin and Nasdaq 100 futures fell from 92% to 69%, easing co-movement with tech stocks and signaling a decoupling trend, it said.
- Over the seven days since Feb. 24, spot Bitcoin exchange-traded funds (ETFs) saw $1.5 billion in net inflows, and the market is watching whether Bitcoin can break above $75,000 as a key inflection point for a trend shift, it said.
Forecast Trend Report by Period
The U.S. Dollar Index (DXY) has neared its highest level in three months, but Bitcoin (BTC) is holding the $68,000 line, showing a different trajectory from traditional assets such as equities and gold, which are under pressure.
According to a March 3 (local time) report by Cointelegraph, the DXY rose to 99.4, up from 96.6 three weeks ago. Typically, a stronger dollar fuels risk-off sentiment and has weighed on digital assets (cryptocurrencies).
On the same day, the Nasdaq 100 fell 1% and gold prices plunged 3.6%. Bitcoin, however, defended the $68,000 level, demonstrating relative strength amid weakness in traditional assets.
The 30-day correlation between Bitcoin and Nasdaq 100 futures declined to 69% from 92% a week earlier. Analysts say the easing co-movement with tech stocks points to a decoupling trend.
Institutional demand is also continuing. Over the seven days since Feb. 24, spot Bitcoin exchange-traded funds (ETFs) recorded net inflows of $1.5 billion. This is interpreted as a sign that institutional money is flowing in despite macro uncertainty.
The market is watching whether Bitcoin can break above $75,000 as a key inflection point for a trend shift. Still, some expect the influence of macro factors such as the dollar index to persist for the time being.
YM Lee
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