According to André Dragosch, the key question for traders is whether BTC leads or follows the Nasdaq, spotlighting how tightly these two risk assets move together, source: André Dragosch (Twitter, Nov 20, 2025). Market data show the BTC–Nasdaq 100 30–90 day rolling correlation surged above 0.6–0.7 in 2022, then fell toward near-zero through mid-2023 and stabilized at low positive levels in 2024, source: Kaiko Research 2023–2024 and IMF Blog “Crypto Prices Move More in Sync With Stocks” 2022. Correlation tends to spike around macro shocks and liquidity shifts, with tighter financial conditions and higher real yields lifting equity–crypto co-movement and raising BTC beta during risk-off episodes, source: BIS Bulletin on crypto shocks 2022 and ECB Financial Stability Review Nov 2022. For trading, treat the link as regime-dependent, size hedges using rolling correlation, monitor FOMC and CPI releases, DXY and real yields, and watch mega-cap tech earnings as catalysts for correlation shifts that can impact BTC volatility, source: Kaiko Research 2023–2024 and ECB 2022.