Overview
- Bitwise data show the 90-day rolling correlation between bitcoin and gold rose to roughly 0.50–0.55, the strongest reading since 2020.
- The spike followed the U.S. Treasury's expansion of long-dated debt repurchases in late August, after which bitcoin rallied about 22% in a week while gold gained roughly 5%.
- Bitcoin's ties to major equity indexes weakened as its negative correlation with the U.S. dollar strengthened, shifting how some investors view the coin's role.
- Gold became unusually volatile in late August and early September, narrowing the long-standing volatility gap with bitcoin and providing an early test of the growing link between the two markets.
- Analysts caution the trend rests on a short window and on crypto-specific factors such as ETF flows, reduced leverage and funding conditions, and they say a lasting reclassification would require sustained capital flows from the much larger gold market.