Overview
- Bitwise data this week showed the 90‑day rolling correlation between bitcoin and spot gold climbed to about 0.50–0.55, the strongest reading since 2020.
- Bitcoin’s correlation with major equities weakened over the same period, with its 90‑day link to the Nasdaq‑100 near the low‑30% range, signalling a move away from a pure risk‑asset profile.
- Market participants link the convergence to U.S. Treasury action in August and rising long‑term yields that pushed investors into hard assets while the dollar weakened.
- Crypto‑specific factors such as steady spot‑ETF demand, lower leverage and calmer funding conditions helped bitcoin absorb the shock and sustain prices around the $78,500–$81,400 range.
- Analysts warn the signal is provisional because much of the convergence reflects unusually high gold volatility this year and 90‑day correlations capture short‑term co‑movement rather than causation.