Bitcoin
Bitcoin Correlation With Gold Rises to 0.50 as Nasdaq Link Reaches One-Year Low
Bitcoin has increasingly decoupled from tech equities while moving in tandem with gold, supported by macroeconomic shifts and US debt concerns.
The 90-day correlation between Bitcoin and gold reached +0.50, more than doubling from the beginning of 2026 and approaching the peak recorded during the 2020 pandemic, according to market data cited by The Kobeissi Letter, Bitwise, and Bloomberg. In comparison, the metric stood at +0.30 following the 2022 bear market recovery.
At the same time, Bitcoin’s 90-day correlation with the Nasdaq 100 fell to roughly 0.30, marking its lowest reading in twelve months. This divergence highlights a shift in how the cryptocurrency trades relative to traditional equity markets.
The trend gained momentum following the US Treasury's August 19 announcement that it would double long-dated debt buybacks from $2 billion to at least $4 billion per operation. Market commentary cited expanding US debt, which has reached approximately $40 trillion, as a catalyst for investors turning to scarce assets like Bitcoin and gold to hedge against currency debasement.
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