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Joao Wedson highlights that the previously strong correlation between Bitcoin and the iShares Expanded Tech-Software ETF has started to deteriorate since 2025.
He adds that, as a result, no sector in the traditional market now shows a strong correlation with Bitcoin, indicating that crypto markets may be moving independently.
Wedson previously identified a shift among on-chain crypto analysts toward narrative-driven analysis, raising concerns about manipulated narratives in the sector. He has also noted that comparing Bitcoin and Ethereum exchange reserves can provide performance signals for the two assets. These observations add context to his recent comments on changing correlations between crypto and traditional markets.