Wall Street's first analyst to cover bitcoin is debunking a popular bitcoin investment strategy.
According to DataTrek Research co-founder Nick Colas, a vast number of investors erroneously believe that if the stock market rallies, so will bitcoin.
His finding is based on correlation analysis that goes back to the beginning of last year.
"Bitcoin doesn't necessarily go along for the ride," Colas said Wednesday on CNBC's "Trading Nation."
Bitcoin prices and stocks may not rise in tandem, but he did detect one clear trend that could be useful for investors.
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