PANews, July 24 news, according to CoinDesk reports, data shows that the 30-day implied volatility index of Bitcoin (BVIV/DVOL) has reached a historical high of 0.88 in its 90-day correlation with the S&P 500 volatility index (VIX), indicating a significant increase in the correlation between the crypto assets market and the volatility of the US stock market. Currently, this correlation coefficient remains at a high level of 0.75.
Analysts point out that this phenomenon reflects Wall Street institutions dominating this round of Crypto Assets market cycles. Markus Thielen, founder of 10x Research, stated that institutional investors are compressing Volatility by selling large amounts of call options, causing Bitcoin price trends to increasingly be influenced by traditional market risk preferences. Since the beginning of this year, the BVIV index has dropped from 67% to 42%, while the Bitcoin price has risen by 26% during the same period, breaking the historical trend of both moving in the same direction.
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