Bitcoin, gold, Nasdaq 100 ETF (QQQ), and South Korea's KOSPI showed synchronized movements in early July 13-20 trading before diverging sharply later in the period, per Digital Asset analysis of Binance API data. Bitcoin rebounded to a period high while QQQ and KOSPI reversed gains; gold remained range-bound. The divergence followed a July 13 coordinated decline when Bitcoin fell 2.26%, XAUUSDT dropped 2.03%, and QQQUSDT declined 1.7% amid surging trading volumes.
Bitcoin, Gold, QQQ, and KOSPI Decline Together on July 13-14
On July 13, Bitcoin dropped from $63,750 to $62,307, a 2.26% decline, according to Digital Asset's analysis of Binance API data published July 21. Gold-tracking XAUUSDT fell 2.03% and QQQUSDT declined 1.7% during the same period. Trading volumes surged across all assets: Bitcoin volume increased approximately 3.2 times from 3.842 billion USDT to 12.292 billion USDT, gold volume rose about 4.3 times from 376 million USDT to 1.611 billion USDT, and QQQ volume jumped roughly 7 times from 22 million USDT to 153 million USDT. KOSPI trading volume stood at 474 million shares as the weekly session began.
On July 14, market sentiment reversed. Bitcoin rose 4.35% to $65,014, surpassing its July 12 price level. Gold and QQQ gained 1.3% and 1.65% respectively, while KOSPI climbed 0.73%, marking the only day all four assets rose together. Trading volumes remained elevated at levels similar to July 13.
KOSPI Surges and Reverses on July 15-16
KOSPI surged 6.24% on July 15, diverging from global assets. Bitcoin declined 0.45% and QQQ fell 0.67%, while gold rose 0.12%. Trading volumes decreased across assets: Bitcoin volume dropped from 12.181 billion USDT to 8.592 billion USDT, gold volume fell from 1.771 billion USDT to 1.309 billion USDT, and KOSPI volume declined about 19% from 492 million shares to 398 million shares.
On July 16, all four assets declined together. Bitcoin fell 1.42%, gold dropped 1.71%, QQQ declined 1.96%, and KOSPI plunged 6.37%, reversing most of the previous day's gains. Bitcoin trading volume remained at 8.392 billion USDT, similar to July 15 levels, while gold and QQQ volumes increased slightly. KOSPI volume rose to 424 million shares.
Bitcoin and Gold Rebound While QQQ and KOSPI Weaken from July 17-20
From July 17, Bitcoin and stock markets moved in opposite directions. Bitcoin rose 0.17% and gold gained 0.72% on July 17, while QQQ fell an additional 1.31%. Bitcoin trading volume increased to 10.503 billion USDT. KOSPI was closed for Constitution Day.
During the July 18-19 weekend, trading volumes declined significantly across all three assets. On July 18, Bitcoin rose 1.4% and gold gained 0.08%, while QQQ fell 0.06%. On July 19, Bitcoin declined 0.17%, gold dropped 0.55%, and QQQ rebounded 0.63%. Bitcoin maintained around the $64,750 level. KOSPI remained closed during this period.
On July 20, Bitcoin rose 0.82% to $65,224, reaching the analysis period's highest price. Gold gained 0.36%, but QQQ fell 0.3% and KOSPI dropped 4.46%. Bitcoin trading volume surged to 11.632 billion USDT, approximately 2.9 times the previous day's level. Gold and QQQ volumes also increased significantly to 1.46 billion USDT and 207 million USDT respectively. KOSPI volume decreased to 345 million shares compared to the previous trading day.
Correlation Analysis Shows Decoupling Between Bitcoin and Stocks
Price-based correlation coefficients showed gold and QQQ at approximately 0.75, and QQQ and KOSPI at about 0.70. Bitcoin and gold recorded a correlation coefficient of 0.47. Bitcoin and QQQ showed approximately 0.02 correlation, while Bitcoin and KOSPI registered -0.01, indicating virtually no clear correlation between Bitcoin and the two stock indices.
Bitcoin Gains 4.68% While Stocks Decline Over July 13-20 Period
From July 13 to July 20, Bitcoin rose 4.68% from $62,307 to $65,224. Gold gained 0.29%, remaining in a consolidation range. QQQ declined 2.05% and KOSPI fell 4.27% during the same period. The analysis period showed Bitcoin strength, gold consolidation, US technology stock weakness, and KOSPI relative underperformance.
FAQ
What happened to Bitcoin, gold, and stock markets during July 13-20?
Bitcoin rose 4.68% from $62,307 to $65,224 during July 13-20, while gold remained flat with a 0.29% gain. QQQ declined 2.05% and KOSPI fell 4.27%. The four assets moved together during July 13-14 but diverged from July 17 onward, with Bitcoin and gold rebounding while QQQ and KOSPI continued declining.
Why did Bitcoin decouple from stock markets in the latter half of July 13-20?
Bitcoin showed virtually no correlation with QQQ (0.02) and KOSPI (-0.01) during the period, according to Digital Asset's correlation analysis. Bitcoin rebounded with increased trading volume from July 17 onward, while QQQ and KOSPI extended losses. Gold maintained moderate correlation with Bitcoin (0.47) and stronger correlation with QQQ (0.75).
What were the trading volume patterns during July 13-20?
Trading volumes surged on July 13 when all assets declined: Bitcoin volume increased 3.2 times to 12.292 billion USDT, gold volume rose 4.3 times to 1.611 billion USDT, and QQQ volume jumped 7 times to 153 million USDT. Volumes remained elevated on July 14 during the rebound, then declined during the July 18-19 weekend before surging again on July 20 when Bitcoin reached its period high.
