Bitcoin Shows Bearish Skew Against Nasdaq Correlation

Wintermute reports Bitcoin’s correlation with the Nasdaq at 0.8 remains elevated, with Bitcoin exhibiting a bearish trading trend; declines outweigh increases parallel to equities as of November 14, 2025.

This pattern highlights investor focus shifting to large-cap tech stocks, influencing Bitcoin’s trading dynamics and accentuating its vulnerability during equity downturns.

Bitcoin Holds Strong Correlation with Nasdaq at 0.8

Wintermute’s report underlines that the correlation between Bitcoin and the Nasdaq Index remains high at 0.8, suggesting a significant link. Bitcoin trades with noticeable bearishness, often declining more during downturns than stocks. This pattern is similar to what was seen in the 2022 bear market.

Market analysts from Wintermute emphasized Bitcoin’s bearish trend, noting that the traditional support for crypto from retail participants has dried up, impacting the liquidity and depth of crypto markets. There have been no significant public reactions from exchange leaders or crypto influencers as of the report date.

“BTC operates as a high-beta tail of global risk — participates fully in declines, but doesn’t benefit commensurately on reversals.” — Wintermute Research Team, Analyst, Wintermute

Historical Context, Price Data, and Expert Insights

Did you know? In the 2022 bear market, Bitcoin also faced a stronger decline compared to stocks, a trend indicative of high-beta assets under macro pressure.

As of November 14, 2025, Bitcoin is trading at $99,470.84, with a market cap of $1,984,291,226,128. Recent data from CoinMarketCap shows Bitcoin’s 24-hour trading volume reached $103,957,359,743, marking a 55.79% change. Price movements over the past 90 days indicate a decline of 15.55%.

According to analyses by the Coincu research team, the ongoing capital shift to equities may impact Bitcoin’s price volatility. Stablecoin supplies have not expanded, and trading volumes have decreased, contributing to perceived market fragility. Coincu anticipates potential further downside risk should liquidity conditions remain unchanged.