Bitcoin's correlation with gold strengthens while tech link weakens

For much of the past year, Bitcoin moved in tandem with the Nasdaq, reinforcing its identity as a technology asset. That relationship has now reversed sharply. According to recent data cited in the piece, Bitcoin's correlation with the Nasdaq has dropped from above 60% to 33%, while its correlation with gold has climbed to above 50% from much lower levels earlier in the year.

The assets are not moving identically—Bitcoin has gained roughly 22% over the past five weeks compared to gold's 13% rise—but the direction of the shift is clear. Bitcoin appears to be behaving increasingly like a store-of-value asset rather than a growth-linked technology play, though the piece notes it likely remains the higher-volatility version of that trade.

At the Bitcoin Asia 2026 conference in Hong Kong, Binance founder Changpeng Zhao claimed Bitcoin could overtake gold in the next bull cycle. The main constraint, he argued, is structural: governments have built decades of infrastructure around gold, from valuation frameworks to custody systems. Any move toward Bitcoin reserves would be gradual despite faster market movements. Gold currently remains roughly 10 times larger than Bitcoin by market value, though Zhao noted the gap has narrowed. He added that he regularly suggests governments build crypto reserves with Bitcoin representing about half the allocation.

If Bitcoin's decoupling from the Nasdaq continues while its link to gold strengthens, the asset's dual nature may resolve in favor of the store-of-value narrative, potentially reshaping how institutions and governments treat it.