AnalysisCR-2026-0498
Correlation with equities broke again
The diversification argument keeps being right for reasons nobody predicted in advance.
0.21▼ −0.3490-day correlation to equities
7 minInstitutional Crypto
Ninety-day correlation to broad equity indices fell sharply through the summer, having been elevated for most of the previous eighteen months. The regime changes have been frequent enough that any allocation argument resting on a stable correlation is fragile.
What is stable is that the correlation is unstable, which is a weaker but more honest case for a small position.