Proof is developing that bitcoin still can't seem to really acquire its notoriety for being an "uncorrelated resource."

For example, bitcoin's most recent auction from $6,000 to almost $3,000 was joined by a flood in the CBOE Volatility Index (VIX). The VIX estimates the 30-day forward-looking instability of the S&P 500 to measure the market's dread and hazard resilience, which is the reason it is normally alluded to as the "fear check" for the more extensive U.S. securities exchange.

In principle, the VIX ought to be low when the S&P 500 is in an unfaltering uptrend and should just ascent as fears, causing alarm moving and for either keen or feeble hands to be shaken out of the market.

Bitcoin, being a store of significant worth that isn't the result of a legislature, is publicized to be unaffected by the apparent dread or hazard in any market, yet as the diagram beneath shows, that isn't yet the situation.

BTC/USD vs. VIX

The VIX printed two critical crests in 2018. The first happened on Feb. 6 when it achieved 50.3 and the second on Dec. 24 when it achieved 36.1.

At the primary pinnacle, the S&P 500 was down almost 10 percent from its January highs and on the second pinnacle it was down more like 20 percent from the record highs accomplished only two months earlier.

Obviously, fear was, and still is, pervasive in the more extensive U.S. Securities exchange, which ought to have brought about either a steady or bullish bitcoin, isn't that so?

Off-base. Bitcoin conversely related with the VIX on the two events. At the point when the VIX achieved its first pinnacle, bitcoin had recently got done with falling 70 percent from its January highs and amid the second pinnacle, its cost had quite recently declined another 50 percent.

Bitcoin's negative relationship with the VIX demonstrates it performs ineffectively when fear in the U.S. values advertise makes a "chance off" condition – by definition, the inverse of a place of refuge resource.

Gold versus Bitcoin

For reference, the comprehensively perceived place of refuge resource, gold, decidedly related with the VIX amid its two noteworthy tops in 2018.

Amid the VIX's February high, gold (US$/OZ) to a great extent exchanged sideways between $1,300-$1,370 and just started to fall toward $1,160 in May as the VIX sank and the S&P 500 recovered quality.

Gold, once more, related with the VIX amid its December crest. As values started slamming and fears of a worldwide financial retreat flowed, the glossy metal had just been in a multi week long and in excess of 10 percent uptrend.

In reality, the physical store of significant worth is as yet winning its name as a place of refuge resource while the advanced option presently can't seem to have the capacity to.