Bitcoin-Gold Correlation Hits Nearly Six-Year High As BTC Breaks From Tech Stocks

Bitcoin (BTC) is beginning to show a shift in the way investors are trading it, building its case as a hedge against market turmoil similar to gold and moving further from its long-standing reputation as a high-risk asset. New research from Bitwise revealed that Bitcoin’s 90-day correlation with gold has reached its highest point since 2020, while its correlation with the Nasdaq-100 has fallen to a one-year low.

According to a memo from Bitwise Director and Head of Research André Dragosch, the change came during a volatile period in the global markets. According to the report, Bitcoin gained 22.4% over the past week, its strongest weekly performance since March 2024. In contrast, gold rose about 5% during the same period, while stocks continued to decline.

Bitcoin Starts Trading More Like Gold

At the same time, Bitcoin’s 90-day correlation with the Nasdaq-100 fell to a one-year low after dropping to around 0.33 in late August. According to Dragosch, it is notable since Bitcoin has often traded like a high-risk tech asset. Bitwise added that the latest data suggest that the relationship may now be weakening. Bitwise reported that Bitcoin’s 90-day correlation with the U.S. Dollar Index at -0.35 in late August.