MicroStrategy selling and tech stock correction weaken BTC sentiment: CNBC

CNBC reported that MicroStrategy's (MSTR) Bitcoin sales and a correction in technology stocks have dampened investor sentiment in the cryptocurrency market. Charles-Henry Monchau, Chief Investment Officer (CIO) at Syz Group, said that speculative funds are shifting to AI-related stocks and South Korean memory chip stocks, with anticipation for large IPOs also absorbing some capital. Rajiv Sony, an analyst at Wave Digital Assets, explained that the correlation between BTC and the Nasdaq has weakened significantly. He noted that while the 30-day correlation between BTC, the Nasdaq, and the S&P 500 was almost perfectly positive a month ago, it has dropped considerably in recent weeks. Conversely, Matt Cole, CEO of Strive, argued that Bitcoin's fundamentals are stronger than ever. He pointed out that this is the fifth time BTC has approached its 200-week moving average, and the previous four instances served as buying opportunities.