The Bitcoin price may be decoupling from US stocks.

The $Bitcoin(BTC.CC)$ price has been closely correlated with movements in US stock markets this year.
The $Nasdaq Composite Index(.IXIC.US)$ has been a particularly reliable barometer of how BTC moves.
Look back at the price charts for 2022 and you’ll see a 5% gain in the NASDAQ has usually been mirrored by a significantly larger gain in the Bitcoin price.
And when the NASDAQ drops, the world’s top crypto has also tended to suffer a larger loss than the tech-heavy index.
Yet this past week may have offered another sign that Bitcoin could be starting to decouple from this correlation.
With some disappointing earnings results reported by the world’s top tech shares, the NASDAQ remains down 1% from Tuesday’s close, despite some strong gains to finish the week.
BTC exchange balances continued to drain, which is generally seen as bullish with the HODLer cohort reaching all-time-high coin ownership. The proportion of wealth held in coins that moved in the last three months is now at an all-time low, and the reciprocal observation is that wealth held by coins older than three months is now at an all-time high.
At the current price, it is unlikely that entities apart from Bitcoin miners would want or need to sell Bitcoin, whereas given stock market conditions and the negative forecasts from companies reporting earnings, there is perhaps a greater inclination to sell stocks.
The Bitcoin price, on the other hand, is up just over 2% in that time.
Not a huge break from the correlation, mind you, but a break nonetheless.