Correlation

Bitcoin has posted an unusually strong negative 52-week correlation with the dollar-yen exchange rate, with recent moves closely tracking shifts in USD/JPY. The pattern is challenging old assumptions about how the yen carry trade and risk assets interact.

Strategy Inc.’s perpetual preferred stock STRC is now moving more closely with bitcoin than at any point since its debut. The tighter link has undercut its image as a steadier income vehicle tied to the company’s crypto holdings.