Bitcoin's 52-week correlation with USD/JPY hits -0.90, undercutting 'carry trade' theory

60-second summary

Bitcoin's price exhibits an unusually strong negative 52-week correlation with the dollar-yen exchange rate, hitting -0.90, which undercuts the 'carry trade' theory that suggests a positive correlation between the two assets. This unexpected relationship challenges conventional wisdom, leaving market analysts to reevaluate their understanding of Bitcoin's price dynamics and potential drivers.