Bitcoin's correlation with the Nasdaq Composite and the S&P 500 has fallen to a multi-month low, according to data from The Block.

The 30-day Pearson correlation of bitcoin to the Nasdaq and bitcoin to the S&P 500 has fallen to -0.84 and -0.82 respectively, representing lows not seen since November 2023, according to The Block's Data Dashboard. The correlation data from The Block aligns with a recent Bloomberg report, which stated that the 90-day correlation coefficient between bitcoin and the Nasdaq 100 index dropped to 0.21 on Tuesday, a multi-month low.

The Block's charts show that the correlation between bitcoin and major U.S. equity indices has dropped off sharply since the beginning of June, when the digital asset's price reached $71,000 and then made a U-turn. Bitcoin is …