Overview
- Bitwise data show the 90‑day rolling correlation between Bitcoin and gold has climbed to roughly 0.50–0.55, the strongest co‑movement since 2020.
- The recent move followed U.S. Treasury announcements to expand long‑dated debt repurchases and a run‑up in long‑term Treasury yields that renewed investor concern about sovereign debt and currency debasement.
- Bitcoin rallied more than 20% in the weeks after the Treasury action while gold rose about 5% and equities fell, a pattern that weakened Bitcoin’s short‑term ties to U.S. tech stocks and the S&P 500.
- Market mechanics differ: gold’s recent surge in volatility narrowed the usual volatility gap with Bitcoin, while BTC’s resilience reflects cleaner positioning after liquidations and steady spot ETF demand.
- Analysts stress the convergence is provisional, noting the 90‑day measure shows co‑movement not causation and that changes in yields, the dollar or ETF flows could quickly reverse the relationship; the current pattern echoes the 2020 stimulus era but may not be permanent.