Bitcoin’s volatility ratio against gold collapses to 6-year low as traditional safe haven turbulence surges

Bitcoin and gold are trading more like each other than at any point since 2020, even as their latest divergence tests that relationship.

Their 90-day correlation has climbed to about 0.55, the highest in nearly six years, while Bitcoin’s volatility stands at 36.2% compared with 25.3% for gold. That makes Bitcoin just 1.43 times as volatile as the precious metal, down from 5.6 times in 2021.

Yet the latest bout of macro stress has produced a striking divergence. Gold plunged from nearly $4,700 on Aug. 25 to as low as $4,342 on Sept. 1 as Treasury yields and Federal Reserve rate-hike expectations surged.

Bitcoin spent much of the same period holding around $77,000, only a few percentage points below its late-August levels, before rebounding above $80,000 as of press time.

Gold is closing a volatility gap once dominated by Bitcoin

The unusual part of the convergence is how much of it has come from gold becoming more volatile.

Bitcoin’s current 90-day volatility places it around the 10th percentile of its own history, while gold sits in the 93rd percentile, Bitcoin analyst Adam Livingston said. The ratio between the two assets’ volatility has remained below two for 177 consecutive sessions.

From 2020 through 2025, there were only 82 such days combined.