It used to be that cypherpunks and bearded libertarians were the typical bitcoin archetypes. But after the first cohort of bitcoin exchange-traded funds (ETFs) was approved last year, the new avatar might as well be a Wall Street executive in a navy-blue suit. ETFs now hold more than 1.5 million BTC, or nearly 7.2% of the total supply. The next largest group of holders is public companies. This is key because it might just explain why bitcoin’s Wednesday rally to $90K was hot on the heels of a stock market surge.

Read more: Will Bitcoin Break $100k Again by Christmas?

The correlation between bitcoin and the S&P 500 climbed to 0.87 on Wednesday, according to data from Newhedge. In other words, the two asset classes were practically moving in lockstep. So when stocks rallied on the eve of Thanksgiving, buoyed by, wait for it, more AI hype, BTC followed. Oracle, a major cloud infrastructure player that closed a $300 billion deal with OpenAI in September, led the surge among big tech stocks. Much of that was attributable to Deutsche Bank analyst Brad Zelnick, who wrote a glowing endorsement of the firm’s revenue potential from the arrangement.

(Newhedge data shows that bitcoin’s correlation with stocks has jumped to 0.87 / Newhedge)

“OpenAI backlog represents solid ROI business,” Zelnick wrote. “And validates Oracle’s leadership in deploying AI cloud infrastructure at scale.”

Oracle jumped 4% and the S&P 500, Nasdaq, and Dow were all up 0.77%, 0.86%, and 0.80% respectively. Bitcoin rose 4%, breaking $90K for the first time this week, just in time for Turkey Day. To be clear, bitcoin doesn’t always remain tightly correlated with equities; it often decouples. But as institutional money flows into the ecosystem, the cryptocurrency will inevitably bend the knee to Wall Street and simply mirror the ebb and flow of traditional markets.

Bitcoin was up 4.06% for the day and was trading at $89,872.10 at the time of reporting, according to Coinmarketcap. The digital asset was also up 1.21% on a weekly basis and fluctuated between $86,171.48 and $90,389.93 over the last 24 hours.

( BTC price / Trading View)

Daily trading volume was mostly flat at $65 billion, and market capitalization stood at $1.79 trillion. Bitcoin dominance climbed back to 58.75%, a 0.41% increase, as the cryptocurrency reclaimed a small chunk of market share from lesser coins.

( BTC dominance / Trading View)

Total bitcoin futures open interest rose 2.24% to reach $60.52 billion after falling to $59 billion on Tuesday, Coinglass data shows. Liquidations remained slightly elevated at $119 million at the time of writing. Short sellers saw $80.58 million in margin wiped out while long investors were largely spared, with only $19.61 million liquidated.

• Why did bitcoin break above $90K before Thanksgiving?
  Because U.S. stocks rallied sharply on Wednesday, and bitcoin’s strong correlation with equities pulled it higher.
• What sparked the stock market surge influencing bitcoin?
  Renewed AI optimism driven by Oracle, lifted major indexes.
• How correlated are bitcoin and traditional markets right now?
  Data from Newhedge shows a 0.87 correlation with the S&P 500, meaning the two are moving almost in lockstep.
• Will bitcoin continue reacting to Wall Street trends?
  As ETF and institutional holdings grow, bitcoin’s price is increasingly likely to mirror broader market sentiment.

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