Bitcoin Gold Correlation Jumps to 0.56 as Nasdaq Ties Hit 1-Year Low
Bitcoin’s price has always danced somewhere between “digital gold” and “risk-on tech stock,” but new data suggests the pendulum just swung hard toward the metal side of that comparison. The Bitcoin gold correlation has climbed to its highest reading since analysts first started tracking it, according to data from Protos, even as the cryptocurrency’s traditional tether to tech stocks is loosening at the same time.
Key takeaways
- Bitcoin’s 90-day correlation with gold rose to 0.56, the highest level recorded since most data providers began tracking the metric in 2017.
- That surpasses the prior peak of roughly 0.50, set in November 2020.
- Bitcoin’s 90-day correlation with the Nasdaq 100 dropped to about 0.30, a one-year low.
- On a shorter 30-day window, Bitcoin’s correlation with gold jumped to 0.72, while its link to the Nasdaq Composite sits at just 0.22.
- The shift is unfolding alongside what’s being called August’s “debasement trade,” a period marked by renewed interest in hard assets.
Bitcoin’s Correlation With Gold Hits a Nine-Year High
Bitcoin is now moving in closer sync with gold than at any point since tracking of the relationship began nearly a decade ago. Per Protos, the 90-day Bitcoin gold correlation has climbed to 0.56, edging past the previous high-water mark of roughly 0.50, which was set back in November 2020.
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