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Bitcoin Correlation with Gold Climbs to Six-Year High, Bitwise Reports

Bitwise research shows Bitcoin's correlation with gold has reached levels not seen since 2020 as macro stress prompts concurrent demand for both assets.

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The 90-day rolling correlation between Bitcoin and gold has risen to its highest level since 2020, according to data from Bitwise Asset Management tracking Bloomberg records from April 2015 to August 2026. The shift matches readings last recorded during the pandemic stimulus era.

The correlation strengthened following an August intervention in the U.S. bond market by Treasury Secretary Scott Bessent, which came in response to rising 10- and 30-year yields. Following the intervention, Bitcoin gained 22.4% in a week while gold rose approximately 5% and equity markets retreated.

Bitwise's research director for Europe, André Dragosch, noted that investors tend to allocate to both assets simultaneously during periods of macro uncertainty. The analysis also showed Bitcoin's correlation with the Nasdaq-100 falling to a one-year low, diverging from its typical alignment with technology shares.

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