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BTC Gray scale report: Bitcoin's correlation with Nasdaq declines, but its correlation with gold rises
Gray scale research shows that Bitcoin is gradually deviating from its recent association with Nasdaq, and its correlation with gold is rising. Bitcoin's 90-day correlation with the Nasdaq 100 Index has dropped from more than 60% to about 33%, while its correlation with gold has climbed from near zero to more than 50%.
Bitcoin's correlation with Nasdaq drops
Zach Pandel, head of Grayscale Research, points out that before this shift occurred, Bitcoin traded like a high-beta asset last year. Pander believes that that period coincided with a general rise in artificial intelligence-driven venture assets. However, the relationship between Bitcoin and technology stocks has since weakened sharply. The current 90-day correlation between Bitcoin and the Nasdaq 100 Index is about 33%, compared with a time when the indicator exceeded 60%. At the same time, the correlation between Bitcoin and gold has risen to more than 50%, compared with almost zero at the beginning of the year.
Debt and yields reshape the macro background
Pander attributed the change to the market's renewed focus on what he called the "currency devaluation trade." The U.S. federal debt has recently exceeded US$40 trillion. At the same time, as the U.S. bond yield curve has risen over the past year, long-term bond yields have also risen. 
The huge debt balance and persistent deficits have also changed the overall macro background. Pander said these conditions have boosted market interest in assets that can hedge against weak fiscal and monetary fundamentals. The shift has also brought back attention to Bitcoin's original design-the network has no central issuer and follows a transparent distribution plan.
The fixed supply of bitcoins becomes the focus
The maximum supply of bitcoins is 21 million. Pander said its scarcity and monetary independence set it apart from traditional financial assets. He also described Bitcoin as a liquid alternative to gold, especially as investors assess the purchasing power of fiat currencies over the long term. In addition, Bitcoin's different yield drivers may also affect its role in a diversified investment portfolio.
In gray scale, changing correlations highlight Bitcoin's dual relationship with risky and scarce assets. The company pointed out that as market conditions change, digital assets may provide diversified benefits.
