Bitcoin’s correlation dynamics have undergone a significant transformation, with its beta relationship to Global Liquidity and major equity indices intensifying while turning negative against credit stress indicators. This shift signals the cryptocurrency’s maturation into a bona fide macro asset within global financial markets.
Since 2022, Bitcoin has demonstrated strengthened positive beta correlations with the Global Liquidity Index (GLI) and prominent equity benchmarks including SPY and QQQ, particularly during periods of heightened risk appetite. This trend highlights Bitcoin’s increasing sensitivity to broad market sentiment and capital inflows.
Concurrently, Bitcoin’s beta correlation against credit stress metrics—exemplified by the High-Yield Option-Adjusted Spread (HY OAS)—has turned increasingly negative. This inverse relationship suggests Bitcoin now behaves more as a risk-asset hedge during credit market turbulence.
The fundamental shift in Bitcoin’s correlation profile reflects its ongoing evolution from a niche digital asset toward a macroeconomic instrument. This development potentially attracts institutional investors seeking assets responsive to global liquidity conditions and systemic financial stress.