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Bitcoin is moving increasingly in line with stocks as the crypto market waits for a new upside catalyst, CoinDesk said.
The outlet said the period when cryptocurrencies consistently outperformed other assets has passed, with correlation to the stock market rising recently. CoinDesk added global macroeconomic conditions still remain a key market variable, while BTC scarcity could serve as a defensive factor during instability in global equities. It also cautioned that spot Bitcoin ETF buying has yet to stabilize, saying sustained ETF inflows are needed to confirm a clear recovery trend.