Bitcoin Drops to ₱4,243,066 ($71,000) as Nasdaq Correlation Hits 84%
Bitcoin's 84% correlation with Nasdaq 100 shows it's trading like a tech stock rather than a safe-haven asset, with weak US GDP data and surging oil prices driving sharp reversals.
Key Takeaway
Bitcoin's 84% correlation with Nasdaq shows it's still trading like tech stocks, not a safe-haven asset.
Bitcoin's five-month correction from ₱7,529,949 ($126,000) isn't over despite Friday's jump above $73,000.
US GDP growth slowed to just 0.7% between October and December 2025, the weakest print in over three months. Oil prices briefly surged to $119.50 on Monday after US Treasury Secretary Scott Bessent announced temporary authorization to purchase Russian oil stranded at sea—$30 higher than pre-Iran war levels.
Bitcoin's 50-day correlation with Nasdaq 100 now stands at 84%. The S&P 500 is trading 5% below its peak, and Bitcoin reacted exactly the same way when S&P 500 futures plummeted Monday.
Spot Bitcoin ETFs pulled in ₱34.84 billion ($583 million) over four consecutive days, but the flow pattern shows ETFs are just reacting to price rather than driving it. Between February 24 and March 4, ₱127.89 billion ($2.14 billion) flowed into spot BTC ETFs and Bitcoin rallied 14%. When inflows reversed over the next four days, Bitcoin dropped 10%. Strategy accumulated over ₱53.79 billion ($900 million) through its STRC instrument, but even that couldn't push Bitcoin past the $74,000 resistance level.
Traders are unlikely to use Bitcoin as a hedge given its recent underperformance compared to gold. Bitcoin tested $64,000 support during the correction before locking in $70,000 for the week. The final US economic report is due April 9.
This article was written based on reporting from Cointelegraph.
