Bitcoin Still Offers Portfolio Diversification Even as It Trades Like a Tech Stock, Analyst Says

Bitcoin has moved in tandem with U.S. stocks in recent months, prompting questions over whether it has become a proxy for technology shares and lost some of its diversification benefits. NYDIG Global Head of Research Greg Cipolaro said Bitcoin’s value still stems from a globally distributed, politically neutral and censorship-resistant network that does not rely on central bank holdings. The event involved no transaction amount.

In its weekly market report on March 8, 2026, NYDIG said Bitcoin’s correlation with the S&P 500, Nasdaq 100 and IGV ETF had risen to about 0.5. Equity-market factors explained only about 25% of its price movements, however, while the remaining 75% was still driven by fund flows, derivatives positioning, regulation and network adoption, supporting its value in asset allocation.