Bitcoin shows weaker correlation to Treasury yields than gold, positioning it as a more resilient hard asset

For years, the "digital gold" label slapped on Bitcoin felt more aspirational than descriptive. But new data from Bitwise Investments suggests the comparison might actually undersell Bitcoin's case as a hard asset, at least when it comes to how each reacts to the bond market.

Bitcoin has historically shown lower correlation to 10-year Treasury yields than gold, according to Bitwise's analysis from early September 2026. In plain terms: when bond yields spike and Treasury prices drop, gold tends to flinch more than Bitcoin does.

The catalyst for the latest divergence was the US Treasury's August 19 announcement that it would double its liquidity-support buybacks for longer-dated bonds. The program jumped from $2B to at least $4B per operation, with the larger purchases set to begin September 9.

Bitcoin responded by posting a 22.4% weekly gain, its strongest since March 2024. Gold climbed around 5% over the same stretch.

The backdrop makes the move even more meaningful. US gross federal debt surpassed $40 trillion in August 2026, hitting approximately $40.13 trillion by mid-month.

While Bitcoin has stayed less correlated to Treasury yields than gold, its relationship with gold itself has tightened considerably. The 90-day rolling correlation between Bitcoin and gold exceeded 0.5 as of August 31, 2026, the highest level since 2020 according to Bitwise data.