Fidelity's Timmer Says Selloff Pushed Bitcoin Correlation With Stocks Higher

Fidelity’s Jurrien Timmer says Bitcoin (BTC) correlation with the S&P 500 rose last week as other assets followed. A basket of stocks excluding artificial intelligence (AI) names went from 10% to 40% correlated during the week. Diversifiers are meant to move apart from stocks, so a rising correlation erodes that role for Bitcoin holders. Timmer, Fidelity’s director of global macro, posted the 50-day chart on X with data through Nov. 8. What Drove Bitcoin Correlation Higher Last Week? The S&P 500 fell 4.4% on Thursday, Nov. 5, and the Nasdaq 100 dropped 6.4%. It linked the slide to bets that Democrats, who swept Congress, would regulate AI more tightly. Timmer described the pattern on X.

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