Bitcoin is showing a bearish trading pattern even as its correlation with the Nasdaq remains exceptionally high, signaling a broader risk-asset shift that is putting pressure on the cryptocurrency market. According to fresh research from Wintermute, Bitcoin now behaves more like a high-beta extension of global equities, falling sharply when stocks decline but failing to rise at the same pace when equities recover.
The latest data highlights that Bitcoin’s correlation with the Nasdaq currently sits at 0.8 — an unusually strong alignment between the two markets. For traders and analysts, this connection is creating an uncomfortable situation: Bitcoin is losing some of its independence as an asset class and is increasingly reacting to movements in large-cap tech stocks rather than internal crypto-native forces.
Bitcoin Moves Lower as Tech Stocks Take Priority
Wintermute reports that market attention is shifting toward leading technology equities, which are drawing a larger portion of speculative interest and institutional capital. As investors rotate back into tech mega-caps, particularly during macro uncertainty, Bitcoin has not benefited from this shift. Instead, the asset has mirrored the downturns in equities more intensely.
The report notes that Bitcoin has been declining more sharply during equity pullbacks, presenting a bearish skew that reminds analysts of the 2022 market downturn. During that period, Bitcoin repeatedly dropped faster than tech stocks, even though both asset classes faced pressure from rising interest rates and liquidity tightening.
Wintermute’s analysts describe Bitcoin’s current behavior as that of a “high-beta tail of global risk.” In simple terms, Bitcoin absorbs the full impact of negative macro sentiment but fails to record equivalent rebounds during positive periods in the equities market.
This shift suggests that the structural support previously provided by retail traders — once a major force behind Bitcoin’s upward cycles — has weakened dramatically.
Traders Notice Liquidity Erosion Across Crypto Markets
One of the most important details in the research is the state of liquidity. According to Wintermute, the decline of retail participation has reduced the depth of the market, making Bitcoin more vulnerable to price swings and sell-side pressure.
Analysts say several signs support this observation:
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Trading volumes on centralized exchanges have been falling
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Stablecoin supply has not increased significantly
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Institutional inflows remain modest instead of aggressive
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Market makers are operating in a defensive rather than expansionary mode
These conditions create a fragile environment in which price declines can accelerate quickly if sellers dominate or if Bitcoin follows equities lower. Without new liquidity injections, meaningful upside becomes more difficult to sustain, even if sentiment temporarily improves.
Bitcoin Performance and Market Data Point to Investor Hesitation
As of November 14, 2025, Bitcoin trades around $99,470.84 with a market capitalization of $1.98 trillion. Over the past 24 hours, trading volume reached $103.95 billion — a notable change of 55.79%. Yet even with high turnover, the price trends remain negative.
Data from the previous 90 days reflects a 15.55% decline, confirming a prolonged downward trajectory rather than a short-term pullback. Analysts believe this decline has resulted from the combination of weaker liquidity, slower stablecoin expansion, and reduced speculative buying.
Charts from CoinMarketCap show that Bitcoin has repeatedly failed to maintain momentum during brief relief rallies. Every price attempt higher has been met with selling pressure, reinforcing the current bearish narrative.
Nasdaq Correlation: A Risk and a Dependence
Correlation between Bitcoin and mainstream equity markets is not new, but the persistence of a 0.8 reading raises concerns. Analysts emphasize that correlations above 0.7 signal a firmly linked relationship rather than coincidence.
Investors historically looked at Bitcoin as a hedge against systemic market turmoil. However, the present data shows that Bitcoin is moving in the same direction as risk-on assets, not against them. This means:
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When tech stocks rise, Bitcoin does not consistently gain the same benefit
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When tech stocks fall, Bitcoin tends to drop more quickly and deeply
This behavior undermines the asset’s previous reputation as an inflation hedge or uncorrelated store of value. In its current state, Bitcoin is functioning more like a speculative component of the global tech-risk landscape.
Outlook: Risks Rise Without Liquidity Rebound
Research from the Coincu team indicates that the capital shift from crypto to equities is likely playing a bigger role than many initially expected. Analysts believe that Bitcoin may continue to face downward pressure if:
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Liquidity conditions do not improve
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Retail participation remains weak
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Macro uncertainty continues to favor traditional equities
Coincu notes that the absence of a stablecoin supply increase is one of the strongest signs that new capital is not entering crypto markets in large volume yet. If that trend persists, price instability could continue through the next quarter.
Still, analysts emphasize that market structure can change quickly if liquidity returns — especially if institutional sentiment improves or if economic developments push traders back toward Bitcoin.
Bitcoin Faces Critical Weeks Ahead
The coming weeks may determine whether Bitcoin resumes its role as a growth asset within crypto or remains tethered to the performance of major stock indices. If volume rises and liquidity strengthens, Bitcoin may break away from Nasdaq dependence. However, if liquidity remains stagnant and equities continue to attract the majority of speculative capital, Bitcoin may extend its bearish trend.
For now, traders and analysts agree on one point: Bitcoin’s vulnerability is no longer driven purely by internal crypto cycles, but by the global flow of capital between equities and digital assets. With correlation high and liquidity thin, sentiment can shift quickly — in either direction.
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