Data provided by Arthur Hayes, founder at crypto exchange BitMEX, shows a growing correlation between Bitcoin and major equity indexes. As the U.S. Federal Reserve (Fed) shift its monetary policy to put a hold on inflation, risk-on financial assets began moving in tandem.

So, if traditional markets crashed, Bitcoin followed. This has been the status quo for several months as the Fed turns more aggressive and hikes further pushing equities and BTC to fresh multi-year lows.

Hayes claims that the 30-day correlation between BTC and Nasdaq has been running hot to the upside, and “trending in the wrong direction”. However, on low timeframes, decoupling from the two assets is beginning to take form.

As seen below, the 10-day correlation between Bitcoin and the Nasdaq 100, one of the major equity indexes on the planet, is dropping and moving to the downside. Hayes classified this performance as “good”; he believes that once BTC and another crypto can trade on their own, they will be able to outperform equities and kick off another bull run.