Bernstein analyst Gautam Chhugani on Bitcoin's correlation with gold and stocks: "We believe the correlations have flipped for 'risk-off assets' in the last few days since the U.S banking crisis, and it could be a critical signal for investors to monitor. The correlation with equities rose, as the pandemic policy response led to increased correlation amongst assets with cheap money shoring up different asset classes. As the rates hiked and money tightened — Bitcoin and equities were initially correlated on the downside, but since the demise of FTX, crypto has come back stronger than equities and recently, since the U.S banking crisis, diverged even more. The correlation with gold is spiking — and has done in periods of crisis."