Bitcoin-Gold Correlation Surges as Nasdaq Link Weakens

TLDR

• Bitcoin’s 90-day correlation with gold has climbed above 50%, according to Grayscale Research.
• Bitcoin’s correlation with the Nasdaq 100 has dropped to about 33% from levels above 60%.
• Grayscale said the shift may reflect renewed investor focus on Bitcoin’s scarcity and fixed 21 million supply.
• U.S. federal debt above $40 trillion and persistent deficits are supporting interest in the debasement trade.
• Bitcoin remains far more volatile than gold, making it too early to confirm a permanent “digital gold” relationship.

Bitcoin’s changing market relationships are drawing fresh attention as the Bitcoin-Gold correlation rises above 50%. At the same time, Bitcoin’s 90-day correlation with the Nasdaq 100 has fallen to about 33%, according to Grayscale Research. The shift comes as investors watch U.S. debt, budget deficits and long-term Treasury yields.

Bitcoin-Gold Correlation Strengthens

Grayscale Research Head Zach Pandl said Bitcoin’s link with gold has increased sharply this year. The Bitcoin-Gold correlation stood near zero at the start of 2026 but has now moved above 50%.

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