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BTC Bitcoin's correlation with gold rose to +0.50, and its correlation with Nasdaq hit a one-year low
Bitcoin and gold are increasingly converging as investors turn to scarce assets amid heightened fiscal and monetary concerns. The 90-day correlation coefficient between Bitcoin and gold has reached +0.50, more than double the level at the beginning of 2026. At the same time, the correlation between Bitcoin and the Nasdaq 100 Index has dropped to about 0.30, the lowest level in the past year. This divergence signal suggests that Bitcoin's trading relationship with traditional markets has changed significantly this year.
Bitcoin and gold correlation reaches +0.50
According to the Kobeissi Letter, the 90-day correlation between Bitcoin and gold has now risen to +0.50. This figure almost equalizes the historical record set during the 2020 epidemic. Data shows that the 90-day correlation between Bitcoin and gold prices has risen to +0.50, almost in line with the all-time high set during the 2020 epidemic; the value has more than doubled since the beginning of the year. In contrast, after the bear market recovery in 2022, the 90-day correlation between Bitcoin and gold reached only +0.30.
As of August 31, Bitwise and Bloomberg data also set the correlation between Bitcoin and gold at +0.50. Data shows that the relationship between the two has increased significantly in recent months. This shift accelerated after the U.S. Treasury Department announced adjustments to long-term debt repurchase operations. On August 19, the Treasury Department said it would double the size of repurchase per operation from $2 billion to at least $4 billion.
Bitcoin/Nasdaq correlation drops to one-year low
The relationship between Bitcoin and the Nasdaq 100 Index shows the opposite trend. According to Kobeissi Letter, the 90-day correlation between the two has dropped to about 0.30. This marks the lowest correlation between Bitcoin and the Nasdaq 100 Index in the past year. This divergence has led the market to pay more attention to the relationship between Bitcoin and gold and other scarce assets.
Investors are increasingly viewing bitcoin and gold as potential hedging tools against currency devaluation. Total U.S. debt has reached about $40 trillion, fueling concerns about long-term fiscal pressures. In addition, in the context of geopolitical uncertainty, gold has also attracted demand from central banks. For example, the Netherlands has shipped 86 tons of gold to London, reflecting continued activity around this traditional reserve asset.
Crypto Tice has previously analyzed and pointed out that the recent consolidation of gold may indicate that the market will pay more attention to Bitcoin. Its analysis shows that in the past period after gold hit new highs, funds often flowed from gold profits to Bitcoin.
Currently, gold prices are around US$4,430 per ounce, while Bitcoin prices hover around US$81,000. The two assets now show a closer relationship between 90-day price movements than earlier this year.
