Bitcoin's (CRYPTO: BTC) macro behaviour is increasingly tied to global liquidity and energy markets, which increases its correlation with the Nasdaq, according to VanEck's Matthew Sigel. Bitcoin's Correlation With Nasdaq Rising Speaking on Squawk Box on CNBC on March 11, Sigel said oil shocks and geopolitical tensions, including risks around the Strait of Hormuz, can tighten liquidity and put pressure on risk assets such as Bitcoin.