According to CoinDesk, there has been a clear weakening of the correlation between the S&P 500 equity index and bitcoin (BTC) as crypto markets suffer after the FTX and Alameda collapse, Citi (C) said in a research report last week.

The S&P 500 gained almost 6% last week, whereas bitcoin fell around 20%.

Traditional financial markets have been largely unaffected by the collapse, in an indication that “contagion effects are relatively siloed within crypto,” the report said.