Kaiko, one of the leading sources of cryptocurrency market data, shared some opinions about Bitcoin and Ethereum in his recent Twitter posts.
According to Kaiko, the correlation between Bitcoin and Chinese stocks (CSI 300) has strengthened this year, although it remains relatively low at 20%.
Regulatory and economic reopening in China is increasingly affecting crypto market sentiment, according to Kaiko.
Kaiko also stated that the correlation between Bitcoin and the US stock markets has decreased and reached the lowest level in recent years in April. This shows that Bitcoin has become more independent from traditional financial markets and may react differently to macroeconomic events.
On the other hand, Kaiko reports that 72% of Ethereum market depth is concentrated in only five exchanges: Binance, Bitfinex, OKX, Coinbase and Kraken. All other exchanges (41) only account for 28% of market depth. This indicates that global stock markets are taking advantage of US regulatory pressures that have restricted access to some platforms for US-based investors.
*Not investment advice.
