Wintermute Reveals Negative Correlation Between Crypto and US Stock Retail Flows

A new analysis by Wintermute has identified a significant shift in the correlation between retail capital flows in the crypto market and the US stock market.

According to the report, since the end of 2024, the positive correlation between the two markets has turned negative. This change is reflected in the declining total market capitalization of altcoins and reduced retail activity in the crypto market.

The BTC/NDX volatility ratio has also decreased, dropping below 2x in the first half of 2025. This decrease in volatility may be attributed to the increased convenience of capital switching between crypto assets and traditional stocks, facilitated by improved investment tools such as ETFs and cross-platform trading channels.