Fed Research: Bitcoin and Ethereum Increasingly Correlated with US Macroeconomic Signals

A research paper from the Federal Reserve indicates that Bitcoin (BTC) and Ethereum (ETH) are no longer isolated asset classes, increasingly tracking U.S. macroeconomic signals. Crypto prices now react significantly to interest rate decisions, inflation data, and employment reports. Highlighting this U.S. dominance, trading sessions in the United States now account for nearly 50% of global Bitcoin spot volume. Furthermore, the introduction of Bitcoin ETFs has shifted market liquidity away from weekends toward official U.S. business hours. This structural shift suggests that digital assets are absorbing macroeconomic shocks in a manner similar to U.S. equities. Consequently, the institutional integration and correlation between the crypto market and traditional finance continue to strengthen.