Overview
- Bitwise’s analysis, published Sept. 3, shows the 90‑day rolling correlation between Bitcoin and gold at its strongest level since 2020 based on data through August.
- The shift unfolded after late‑August moves in the U.S. bond market, including Treasury statements about larger debt repurchases and higher longer‑dated yields that coincided with dollar weakness.
- Bitcoin staged a sharp rally in late August with weekly gains reported around the low‑to‑mid 20% range and was trading near the high‑$70,000s to low‑$80,000s in early September.
- At the same time Bitcoin’s short‑term correlation with equity benchmarks fell, with its 30‑day link to the S&P 500 moving toward zero and its Nasdaq correlation dropping to recent lows.
- Analysts caution the 90‑day measure captures short‑term co‑movement not causation, so persistence is uncertain, but a sustained trend could reframe Bitcoin’s role and attract larger institutional allocations similar to gold.