$Marathon Digital Holdings Inc(MARA)$For its part, bitcoin has been viewed as an asset that isn't correlated with many others. The crypto asset certainly has a low correlation with stocks, as represented by the S&P 500 index and a pretty low correlation with technology stocks, as represented by the large-capitalization oriented Nasdaq-100 index .

Bitcoins correlation with the Nasdaq-100, as measured in late May, was around 0.20 on a rolling 20-day average, and its correlation with the S&P 500 is 0.29, as of June 2, according to Dow Jones MarketWatch data.

The asset with the highest correlation to bitcoin, presently, is the Grayscale Bitcoin Trust (GBTC), at 0.81, meaning that the trust moves nearly in lockstep with the crypto.

That is even as competition and expected bitcoin-pegged ETFs have sapped GBTC of a premium that it used to enjoy relative to its net asset value.