The recent correlation between BTC and ETH with traditional markets and bulk commodities has approached zero

Data shows that the recent correlation of BTC and ETH with traditional markets and bulk commodities is close to zero. Over the past month, Bitcoin and Ethereum seem to have a lower correlation with these assets. Among them, cryptocurrency has the highest correlation with the SP 500 index, with BTC's coefficient at 0.4 and ETH's coefficient at 0.49. Therefore, this means that ETH's correlation with the SP 500 index is slightly higher than BTC's. Compared to BTC, ETH also has a more significant relationship with other currencies on the list, although its correlation with any one currency is still not strong. The low correlation coefficient with traditional markets indicates that cryptocurrencies have been operating independently over the past month or so.

Note: "Correlation" refers to the correlation coefficient (r) in statistical data, which is an indicator tracking how closely two quantities are related during a given period of time. When this indicator value for any two assets exceeds zero it implies some positive correlations between their prices meaning they move synchronously; The closer this value gets to 1, tighter becomes their relation.
On another hand negative values indicate there exists certain level of correlations but it’s negative as price changes in one asset will react oppositely towards fluctuations in another asset; In such cases -1 represents strongest possible negative correlations.