short-term correlation between BTC and equities or even other assets
It's not a "short-term correlation" so much as a new paradigm. Let me know when you understand the difference.
It started in feb as both the market and btc crashed hard.
It is fairly true for 2020.
Far less true prior to 2020.
Most likely will not be true in 2021 or 2022.
Part of the reason if was not true prior to 2020 was it was too novel and too small. But this year a lot of market money has bounced into btc as markets are besides theirselves with fears of a big crash.
It is still too small a cap under 300 bill not to delink from the market.
The real question is not if they are linked at the moment but when does btc pass the market and leave it behind.
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