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BTC The correlation between Bitcoin and gold rose to more than 50%, and the correlation between Bitcoin and Nasdaq dropped to 33%
According to a research report released on August 27, the 90-day correlation between Bitcoin and gold has climbed to more than 50%, and this value was still close to zero at the beginning of 2026; at the same time, the correlation between Bitcoin and the Nasdaq 100 Index has dropped from more than 60% to about 33%.
Research Director Zach Pander pointed out that in the past year, due to the artificial intelligence investment boom, Bitcoin has been like a high beta asset-that is, it has higher price volatility than the broader market-but recent signals suggest that this dynamic is changing.
The agency described the shift as a "sector rotation," which Pander called the return of "devaluation transactions," as investors refocused on Bitcoin's scarcity, currency independence and role as a store of value. It should be noted that the 90-day correlation data is calculated based on a rolling window and has retrospective nature.
Debt Background
Pandel wrote in the report: "The shift in the macro context has once again brought the 'devaluation deal' into focus. U.S. federal debt recently exceeded $40 trillion, while the long end of the Treasury yield curve has fallen significantly over the past year. "
Data from the U.S. Treasury Department showed that on August 18, the total U.S. federal debt exceeded US$40 trillion, reaching approximately US$40.05 trillion. As of August 25, that figure had risen to approximately $40.10 trillion.
The Congressional Budget Office expects the federal deficit to reach $1.9 trillion in fiscal year 2026 and predicts that under the current legal framework, the annual deficit will continue to widen as interest costs, mandatory spending and borrowing needs increase.
Currently, the 90-day correlation between gold and Bitcoin is approximately 0.5, the second-highest level in history. In the long run, the correlation between the two assets has been close to zero since 2010.
Current status of two assets
Currently, both assets are below the all-time highs set last year-gold is about 14% lower and Bitcoin is about 37% lower.
As of press time, Bitcoin is trading at approximately US$79,457 and gold is at approximately US$4,613 per ounce.
Pander believes that persistent deficits and higher long-term yields may prompt investors to look for scarce assets outside the government bond market. "Larger debt sizes, persistent deficits and higher long-term yields have renewed investor demand for assets that can hedge against deteriorating fiscal and monetary fundamentals," he wrote. "
