Bitcoin's correlation to US stocks at 20-month low

CoinMetrics has reported that Bitcoin's correlation to US stocks is currently at a 20-month low. 

Bitcoin was mostly perceived as a speculative technology/asset that should be traded according to liquidity conditions in 2021 and 2022, according to Cryptonews, and that largely explains why Bitcoin rose significantly in 2020 and 2021, when the US (and global) economy was supported by fiscal and monetary stimulus, and why Bitcoin aggressively pulled back in 2022 as that stimulus was withdrawn–especially via aggressive interest rate hikes from major central banks. Right now, we witness the 30-day Pearson correlation between Bitcoin and the S&P 500 fall below 0.20, its lowest level since September 2021.