The People’s Bank of China (PBOC), has about $6.22 trillion US dollars on its balance sheet. At press time, the 30-day correlation coefficient between bitcoin price and the PBOC’s balance sheet measure was 0.66, according to data source TradingView. Its value has always been positive except for 2016 and from the end of 2022 to 2023. On the other hand, at the time of writing, bitcoin has a 30-day correlation of -0.88 with the Federal Reserve’s balance sheet, a record low since 2016.
