The correlation between bitcoin and ethereum prices fell below 80% for the first time since November 2021, signaling a major shift in the relationship between the two largest cryptocurrencies.
The rolling 30-day correlation between bitcoin and ether fell to around 78% this week, according to data provider Kaiko.
Correlation measures how closely two asset prices move. When the correlation is low, it means their prices move in different directions more frequently.
In other words, the declining correlation means that the prices of BTC and ETH are not moving as closely together as before.