US Stock Markets identified as primary risk transmitters for crypto

Research published in Nature indicates that the United States stock market acts as the primary transmitter of volatility spillovers between digital currencies and global equity exchanges. Analyzing data from December 2018 through October 2025, the study found that Bitcoin and Ethereum maintain strong correlations with each other, while stablecoins like Tether USD and USD Coin exhibit negative correlations with other assets.

Findings show that Bitcoin, the United States, and German markets function as net transmitters of economic shocks. In contrast, the markets in China, Japan, and the United Kingdom act as net receivers. The study noted that China’s stock market demonstrated the highest degree of insulation from the global financial ecosystem.

Volatility peaks were observed in early 2019, the first half of 2020, and mid-2023, correlating with the 2019 crypto crash, the COVID-19 pandemic, and various regulatory developments.

Separately, Bitmine Chairman Tom Lee suggested that recent market declines present attractive risk/reward opportunities, noting that crypto's exposure to global financial systems and agentic AI remains a factor. Bitmine reported holding over 6 million ETH as of October 2026.