Bitcoin’s recent tendency to trade alongside tech stocks has not removed its value as a portfolio diversifier, according to research firm NYDIG.
Greg Cipolaro, NYDIG’s global head of research, published a weekly market note saying correlations between Bitcoin and major U.S. equity indexes have risen in recent months. The S&P 500, the Nasdaq 100, and the software-heavy IGV ETF have all moved more closely with Bitcoin lately.
Some market watchers have used this trend to argue that Bitcoin now trades like a technology stock proxy. Cipolaro pushes back on that view.
Even with the rolling 90-day correlation sitting near 0.5, Cipolaro says that figure only means stock market movements account for about 25% of Bitcoin’s price changes. The remaining 75% is driven by forces specific to the crypto market.
Those forces include capital flows into Bitcoin exchange-traded funds, shifts in derivatives positioning, network adoption trends, and regulatory developments.
Cipolaro says the current price alignment between Bitcoin and growth stocks likely reflects the broader macro environment, not a permanent structural link. Both assets respond to liquidity conditions and investor risk appetite at the same time.
“Cross-asset correlations with equities are currently elevated, but they remain far from determinative of Bitcoin’s returns,” Cipolaro wrote.
The NYDIG note also addressed recent comments from prominent investors. Chamath Palihapitiya, who called Bitcoin “Gold 2.0” in 2013, has recently questioned whether the asset fits the needs of sovereign balance sheets. Ray Dalio has raised concerns for years about Bitcoin’s volatility, regulatory risk, and long-term threats from advances in quantum computing.
Cipolaro frames these critiques as a sign of Bitcoin’s maturation, not its failure. The debate has moved on from whether Bitcoin can survive to whether central banks should hold it as a reserve asset.
NYDIG argues that central bank adoption is not required for Bitcoin to keep growing. The network has already expanded well beyond individual users to include family offices, asset managers, and exchange-traded funds.
That adoption path is different from many past financial innovations, which typically started with institutional capital and moved down to retail investors. Bitcoin followed the opposite route.
“Central bank ownership may ultimately validate the asset class further, but it is not a prerequisite for continued growth,” Cipolaro wrote.
NYDIG’s note concluded by pointing to Bitcoin’s core properties: a globally distributed network, political neutrality, and technical features that allow censorship-resistant value transfer and digital scarcity independent of any government or monetary authority.
Bitcoin was trading at around $67,769 at the time of the report’s publication.
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