In brief
- Academic literature increasingly finds that crypto and equities are tightly intertwined, especially during periods of stress.
- Studies find that crypto increasingly behaves like a high-beta tech sector.
- An academic consensus is forming that crypto is now firmly embedded in the global risk ecosystem.
Professor Andrew Urquhart is Professor of Finance and Financial Technology and Head of the Department of Finance at Birmingham Business School (BBS).
This is the tenth installment of the Professor Coin column, in which I bring important insights from published academic literature on cryptocurrencies to the Decrypt readership. In this article, I discuss how crypto’s relationship with equities has evolved.
Not so long ago, Bitcoin was…
Dec 06 2025
