Comparison of #Bitcoin performance over the past two years and #WGMI proxy miner stocks.

In 2022, both Bitcoin and WGMI fell with strong correlation throughout the year and briefly lost correlation during the FTX crash, but regained correlation immediately afterwards.

The two then moved higher together in 2023, with both hitting year-to-date highs in July, but WGMI has higher beta activity.

We are now seeing a negative correlation for the second time since July. The first time was most likely due to profit taking, as investors in miners are a different type of investor than investors in Bitcoin.

This negative correlation is solely due to the upcoming halving.

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