Bitcoin is about to register its worst losing streak in more than seven years. That’s because tariff troubles, artificial intelligence anxieties, regulatory holdups and more hang heavy over the top cryptocurrency’s price. For four straight months, Bitcoin’s price has steadily fallen from its all-time high of over $126,000 to around $65,500 — a 48% drop. As March approaches, Bitcoin is set to end February down another 16%, marking its fifth monthly fall in a row — a situation that has only occurred once ...

Core Insights - Bitcoin's 30-day correlation with the Nasdaq 100 Index has surged to approximately 0.80, the highest level since 2022 and the second-strongest in the past decade, indicating a shift towards behaving like a high-beta technology asset rather than a stable store of value [2][3] - The correlation with traditional safe-haven assets like gold has dropped to nearly zero, challenging the narrative of Bitcoin as "digital gold" [1][3] Correlation Dynamics - Bitcoin's correlation with equities turned positive in 2020, generally moving in the same direction as the Nasdaq, with a five-year correlation now at 0.54 [3] - The quality of this correlation has deteriorated into a bearish skew, meaning Bitcoin tends to fall harder when equities decline and participates weakly during market upswings [4][5] Market Sentiment and Investor Behavior - The "pain gap" has increased to levels not seen since late 2022, leading to Bitcoin underperforming in risk-on environments and overreacting in risk-off scenarios [5] - Investor focus has shifted towards equities, particularly mega-cap tech, absorbing risk-on flows that previously went into crypto, resulting in Bitcoin reacting as a high-beta asset rather than a standalone narrative [6][7]