Many pundits see Bitcoin's recent strength as a sign that investors are positioning for a potential Trump victory. However, a correlation analysis reveals Bitcoin's correlation is almost nonexistent.
To find out, we looked at the data. Prediction markets were a good place to start, leading us to average the odds and perform correlation analysis with other assets.
A score of 1 denotes a 100% correlation, and 0 means no correlation. Bitcoin shows almost no correlation with either Trump’s odds or the broader 'Trump Trade'.
The 'Trump Trade' narrative is enticing, but evidence suggests its connection to Bitcoin is modest, with different assets responding more strongly to Trump's election odds.
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