As the landscape of investment diversification expands, the approval of the first spot Bitcoin ETF in the U.S. signals a market evolution, beckoning traditional investors into the crypto realm. But what does data tell us about Bitcoin's correlation with mainstream assets? Glassnode, in collaboration with Coinbase Institutional, sheds light on the pivotal interactions between Bitcoin and various market anchors such as the S&P 500, commodities, and the "fear gauge" VIX throughout 2023. With correlations ranging from strongly positive to intriguingly inverse, savvy investors must understand these dynamics—especially when considering one negative correlation that defies typical market trends... Curious to uncover which?