Bitcoin reached a daily high of $69,230 today, rebounding from a bearish weekend that saw it dip to $65,000. In an interview with CNBC, Sigel, VanEck’s Head of Digital Assets Research, addressed Bitcoin’s correlation with the Nasdaq and the “Magnificent 7.” The CNBC host raised concerns about Bitcoin’s status as a safe haven, pointing out its recent alignment with risk assets.

Sigel explained that these correlations fluctuate over time. On a 10-year timeline, Bitcoin’s correlation with the Nasdaq is low, around 0.1. However, recently, it has risen to 0.5—a level some investors find concerning, as they prefer lower correlations with traditional risk assets.

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