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BTC The correlation between Bitcoin and gold reaches a six-year high
According to data from Bitwise Asset Management, the correlation between Bitcoin and gold has reached its highest level since 2020. In August, Bitcoin rose 22.4% weekly after Finance Minister Bessant intervened in the bond market. Bitcoin's correlation with the Nasdaq 100 index fell to a one-year low, weakening its label as a risky asset. If the trend associated with devaluation hedging continues, the gold market (approximately US$30 trillion) may reprice Bitcoin. New Bitwise research shows that the 90-day rolling correlation between Bitcoin and gold has climbed to its strongest level since 2020, when epidemic stimulus measures reshaped global markets. Bitwise said the shift shows that investors 'views on Bitcoin are changing, bringing it closer to gold's traditional value store role during times of macro stress.
Bitcoin and gold link reaches six-year high
Bitwise used Bloomberg data to track the relationship, covering the period from April 2015 to August 2026. The current level is comparable to the stimulating period of the COVID-19 epidemic. That period was also accompanied by large-scale government intervention in financial markets. August became a turning point in this correlation. U.S. Treasury Secretary Scott Bessant stepped into the bond market after yields on the 10-year and 30-year Treasury bonds climbed. The move has raised concerns about financial repression and control of the yield curve. After the intervention, Bitcoin posted its largest weekly gain since March 2024, rising 22.4%. Gold rose about 5% over the same period, while stocks fell. Bitwise said the two assets rose in sync in a statistically significant way.
Factors driving the correlation between bitcoin and gold
Bitwise's official account shared this finding, pointing out that when macro conditions dominate the headlines, investors often no longer choose between gold and bitcoin, but buy both assets at the same time. Andrei Dragosh, director of European research at Bitwise, wrote the analysis. He pointed out that Bitcoin's correlation with the Nasdaq 100 Index has dropped to a one-year low, a trend that undermines the view that Bitcoin is just following the sentiment of technology stocks. Bitcoin is still negatively correlated with the US dollar index. Bitwise explained that the weakening of the U.S. dollar often coincides with the strengthening of Bitcoin, a pattern that gold has shown for decades under monetary pressure.
What a six-year high means for investors
Bitwise reminds that despite the recent increase in correlation, Bitcoin and gold are still different assets. Gold has been used as a store of value for thousands of years, while Bitcoin has been born for less than 20 years. However, the company believes that increased correlation during periods of macro pressure has important implications. The gold market is nearly US$30 trillion and has been established over generations by central banks and institutional investors. If Bitcoin continues to move closer to this category, Bitwise believes it may eventually be priced relative to a larger capital base. This will mark a shift from historically priced as a risky asset to closer to a macro hedging tool.
