Although the macro environment is a headwind for riskier assets like crypto and crypto-related equities, broader adoption of Bitcoin - particularly for institutional investors - has been encouraging for longer-term fundamentals.Thirty-day correlations between Bitcoin and the S&P 500 Index have climbed to their highest levels since the start of the pandemic in early 2020.Bitcoin’s correlation with tech stocks (measured by the Nasdaq 100) has also increased, and this relationship has been even stronger for crypto-related equities.