Brent Slides 9% on Week While Bitcoin Falls 1%, Testing Oil-BTC Link

Brent crude posted its steepest weekly drop in months, down about 9% week-on-week, while Bitcoin (BTC) slipped about 1%, challenging the idea that oil moves crypto. According to BeInCrypto, five-year data show Bitcoin’s correlation with crude is just 0.036, with conditional readings near zero in both volatile and calm oil regimes. The report says derivatives positioning is a bigger driver: BTC futures open interest rose from $21.83 billion to about $23.45 billion since June 11 as funding flipped from roughly +0.0023% to about −0.002%. It also cites the Fed holding rates on June 17 under Chair Kevin Warsh.