As more investors delve into cryptocurrencies and decentralized finance, the largest digital token, bitcoin (BTC-USD), appears to be evolving as a beast of its own as its correlation with other risk assets seem to be relatively low, though arbitrarily high from time to time. Bitcoin (BTC-USD), with an $897.73B market cap, looks to close out 2021 with a ~75% gain in price, compared with the S&P 500 index (SP500) +30%, Gold (XAUUSD:CUR) -3.5%, the trade-weighted U.S. dollar +6.1%, the long bond (NASDAQ:TLT) -5.8% and consumer price inflation +6.9% Y/Y in November. With regards to E-Mini S&P 500 futures, the "correlation between #bitcoin and $ES_F over the past 4 months has been 0.4 and highly statistically significant," Mark Dow, global macro trader wrote in a tweet on Dec. 27. The "rolling 120d correlation between S&P 500 and #Bitcoin remains in positive territory and continues to pick up," implying BTC acts as speculative risk asset at times, Charles Schwab Chief Investment
