标题： 机构采用与相关性动态：比特币在金融市场中的演变角色 显示英文标题

标题： Institutional Adoption and Correlation Dynamics: Bitcoin's Evolving Role in Financial Markets

摘要： 比特币，作为首个加密货币，随着机构采用的加速，在传统金融市场中显示出日益增强的融合，尤其是在主要的美国股票指数中。 本研究考察了比特币交易所交易基金和公司比特币持仓如何影响与纳斯达克100指数和标准普尔500指数的相关性，使用滚动窗口相关性、静态相关系数和事件研究框架对2018年至2025年的每日数据进行分析。在关键机构里程碑之后，相关性水平增强，2024年达到0.87的峰值，并在不同市场制度中有所变化。 这些趋势表明，比特币已从一种替代资产转变为更加整合的金融工具，这对投资组合多样化、风险管理以及系统稳定性具有意义。 未来的研究应进一步探讨监管和宏观经济因素如何塑造这些不断演变的关系。 显示英文摘要

摘要： Bitcoin, widely recognized as the first cryptocurrency, has shown increasing integration with traditional financial markets, particularly major U.S. equity indices, amid accelerating institutional adoption. This study examines how Bitcoin exchange-traded funds and corporate Bitcoin holdings affect correlations with the Nasdaq 100 and the S&P 500, using rolling-window correlation, static correlation coefficients, and an event-study framework on daily data from 2018 to 2025.Correlation levels intensified following key institutional milestones, with peaks reaching 0.87 in 2024, and they vary across market regimes. These trends suggest that Bitcoin has transitioned from an alternative asset toward a more integrated financial instrument, carrying implications for portfolio diversification, risk management, and systemic stability. Future research should further investigate regulatory and macroeconomic factors shaping these evolving relationships.