Bitcoin's correlation with gold reaches nine-year high at 0.56 while its Nasdaq link falls to one-year low, reinforcing the digital gold narrative.
Macro & Markets ·
Bitcoin's correlation with gold has surged to 0.56 on a 90-day basis, marking its highest level since data providers began systematic tracking in 2017 and exceeding the previous peak of approximately 0.50 recorded in November 2020, according to Protos. In contrast, Bitcoin's 90-day correlation with the Nasdaq 100 has declined to roughly 0.30, a one-year low. The divergence sharpens on shorter timeframes: over 30 days, Bitcoin's correlation with gold reached 0.72 while its link to the Nasdaq Composite fell to just 0.22.
The shift underscores a rekindling of the "digital gold" thesis, with the metrics reflecting Bitcoin's strengthening bond to traditional safe-haven assets amid what has been characterized as August's debasement trade. The decline in Nasdaq coupling suggests Bitcoin is decoupling from equities-driven price movements, a marked reversal from periods when the two asset classes moved closely in tandem.
What remains unclear is whether this correlation regime will persist or prove temporary, and whether the shift reflects structural changes in Bitcoin's role within portfolios or responds primarily to near-term macroeconomic conditions.