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Bitcoin has reached extremely high levels of correlation with gold: what does this mean?

2026-09-06 18:33:54
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The correlation between Bitcoin and gold has risen to a high in recent years, and its correlation with technology stocks has weakened significantly.

The correlation between Bitcoin (BTC) and gold has climbed to one of the highest levels in recent years, while at the same time, its correlation with technology stocks has weakened significantly.

According to data cited in the Kobeissi Letter, an analysis by Bitwise Asset Management based on Bloomberg data showed that the 90-day moving average correlation between Bitcoin and gold has risen to approximately +0.50. This rate marks one of the highest levels seen since the 2020 epidemic and is more than triple the level at the beginning of the year.

In contrast, the 90-day correlation between Bitcoin and the Nasdaq 100 Index has dropped to about +0.30, the lowest point in the past year. Data shows that Bitcoin has gradually deviated from the trend of technology stocks in the near future and has begun to show price behavior characteristics that are more similar to those of gold.

Kobeissi Letter pointed out that the strengthening of Bitcoin's correlation with gold accelerated after the U.S. Treasury Department announced on August 19 that it would increase the long-term bond repurchase limit from at least US$2 billion per transaction to US$4 billion.

Analysts believe that investors are increasingly viewing Bitcoin and gold as similar safe-haven assets due to concerns about rising public debt and currency devaluation. Bitcoin's decline in correlation with Nasdaq and an increase in correlation with gold also suggests that markets tend to price Bitcoin no longer just as a high-risk technology asset, but as an alternative store of value.

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