Bitcoin
Bitcoin Correlation With Gold Climbs to Multi-Year High as Tech Link Weakens
Bitcoin's 90-day correlation with gold reached +0.50 in early September, marking its highest level since 2020 amid shifts in bond market liquidity.
Bitcoin's 90-day correlation with gold rose to +0.50 in early September, reaching its highest level since 2020, according to data from Bitwise and Bloomberg. Over the same period, Bitcoin's correlation with the Nasdaq 100 dropped to approximately +0.30, down from the +0.60 level recorded across 2022 and 2024. Bitcoin traded near $76,941 at the time of reporting, while gold closed at $4,348 on September 13.
The shifting correlation has been linked to developments in the U.S. bond market. On August 19, Treasury Secretary Scott Bessent announced a plan to at least double the maximum size of long-dated bond buybacks to support liquidity as 10-year and 30-year yields climbed, with the 30-year yield reaching 5.38%, oil prices holding above $100, and the Federal Reserve signaling potential interest rate increases.
Both Bitcoin and gold tend to respond to inflation-adjusted yields, whereas technology equities react more to corporate growth trends, leading Bitcoin to align more closely with gold during periods of bond-market activity. In addition, institutional holdings through spot Bitcoin exchange-traded funds have risen to approximately $100 billion, reinforcing Bitcoin's role as a macro asset.
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