Those two worlds, in other words, have decoupled. This quarter, the correlation between bitcoin (BTC) and the S&P 500 declined from 0.91 to 0.59, and got as low as 0.01 on March 22. (A correlation of 1 means the price of two things is moving in lockstep, while minus 1 means a perfectly inverse relationship. Zero means no link at all.) In other words, digital assets have behaved as the diversifying, uncorrelated asset that many investors crave.
Source: https://www.coindesk.com/markets/2023/03/29/cryptos-gained-in-q1-despite-weakened-asset-class-perceptions/?utm_medium=referral&utm_source=rss&utm_campaign=headlines