There are two groups holding Bitcoin, those view it as risk asset, and those view it as store of value.
When market go down, the first group sell their Bitcoin, hence the correlation. But when the first group sold all their coins and the second group keep buying more due to better price, Bitcoin stop being correlated, and goes up even when market is down.
That's why im the short term, it behaves like a risk asset, but in the long term, like a safe haven asset.
Over time, the second group grows and the first group shrinks. When everyone is converted to the second group, Bitcoin stops correlating with stock market and behave like safe haven asset only.
#bitcoin