{"id":78721,"date":"2023-05-15T11:14:59","date_gmt":"2023-05-15T08:14:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78721"},"modified":"2025-09-11T06:59:01","modified_gmt":"2025-09-11T03:59:01","slug":"analysts-flag-weakening-of-the-bitcoin-ethereum-correlation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/analysts-flag-weakening-of-the-bitcoin-ethereum-correlation\/","title":{"rendered":"Analysts flag weakening of the Bitcoin\u2013Ethereum correlation"},"content":{"rendered":"<p>The 30-day moving average of the correlation coefficient between Bitcoin and Ethereum slipped below 0.8 \u2014 to 0.78. A similar situation has not been seen since November 2021, according to Kaiko.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\"><a href=\\\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\\\">#BTC<\/a>\u2018s rolling 30-day <a href=\\\"https:\/\/twitter.com\/hashtag\/correlation?src=hash&#038;ref_src=twsrc%5Etfw\\\">#correlation<\/a> with <a href=\\\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&#038;ref_src=twsrc%5Etfw\\\">#ETH<\/a> fell below 80% this week for the first time since Nov 2021. <a href=\\\"https:\/\/t.co\/5DsXQAbexH\\\">pic.twitter.com\/5DsXQAbexH<\/a><\/p>\n<p>\u2014 Kaiko (@KaikoData) <a href=\\\"https:\/\/twitter.com\/KaikoData\/status\/1657005173301030914?ref_src=twsrc%5Etfw\\\">May 12, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In other words, the price movements of the two cryptocurrencies have become less correlated.<\/p>\n<p>In April 2023, Coinbase<a href=\\\"https:\/\/www.coinbase.com\/institutional\/research-insights\/research\/weekly-market-commentary\/lower-btc-vs-eth-correlation-april-21-2023\\\"> analysts explained<\/a> the developing trend by rising regulatory <a href=\"https:\/\/u1f987.com\/en\/news\/gary-gensler-cryptocurrencies-are-securities-the-law-leaves-no-room-for-alternative-readings\">pressure <span data-descr=\\\"U.S. Securities and Exchange Commission\\\" class=\\\"old_tooltip\\\">SEC<\/span><\/a> on cryptocurrencies other than Bitcoin. Another factor was<a href=\"https:\/\/u1f987.com\/en\/news\/us-rescue-saves-svb-and-signature-bank-depositors-stablecoins-narrow-the-depegging\"> turbulence in the banking sector<\/a>, which spurred interest in digital gold.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>The weakening of the correlation became more noticeable in the days after <\/em><a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-activates-shapella-hard-fork-on-mainnet\"><em>Shapella<\/em><\/a><em>,<\/em> \u2014 the analysts said.<\/p>\n<\/blockquote>\n<p>As noted, the withdrawal of 48,000 validators with 1.55 million ETH from staking<a href=\"https:\/\/u1f987.com\/en\/news\/glassnode-1-55m-eth-withdrawal-from-staking-had-little-impact-on-price\"> did not affect Ethereum&#8217;s price<\/a>, according to Glassnode.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 30-day moving average of the correlation coefficient between Bitcoin and Ethereum slipped below 0.8 \u2014 to 0.78. A similar situation has not been seen since November 2021, according to Kaiko.<\/p>\n","protected":false},"author":1,"featured_media":78722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,46,1261,1145],"class_list":["post-78721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-ethereum","tag-kaiko","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=78721"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78721\/revisions"}],"predecessor-version":[{"id":78723,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/78721\/revisions\/78723"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/78722"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=78721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=78721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=78721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}