The historical correlation of bitcoin with traditional markets continues to decline.
Although quite recently, about 2 months ago, the situation was exactly the opposite:
Bitcoin's correlation with Nasdaq 100 reached ATHIn the context of the current monetary policy of the Fed and its hawkish policy, this is a good trend. Now that all markets are outflowing funds and there is a pronounced bearish sentiment, the lack of correlation with the stock market and with various markets may not hold back the growth of bitcoin so much and allow investors to pour liquidity from traditional markets into bitcoin, thereby making bitcoin not risky an asset that investors considered it to be in the last 2-3 months, namely, a safe haven, value preservation.
Also, a month ago, there was an opinion in the media that the growth of bitcoin in 2021 could be triggered by the transfer of assets from the stock market to bitcoin, as shares are constantly losing value due to the current trend to curb inflation and price growth, and this can lead to growth bitcoin prices in the region of $70,000-$100,000. Although I personally do not believe that bitcoin will show ATH in 2022, the loss of correlation may allow, for example, the price to rise to $50,000.
I'm a bit confused, as the graph seems to be missing a reference to bitcoin, yet the correlation is taking place as we speak. Major markets are falling and so is bitcoin - that seems like a prime example where the correlation is strengthening. All financial markets are intertwined and when fear is running wild people just want to convert their assets into a stable form, which is most likely going to be something like us dollars. People are cashing out of shares and crypto assets right now.