Bitcoin Correlation With Nasdaq Drops to 33%, Rises With Gold to 50%

• Grayscale says Bitcoin’s 90-day correlation with the Nasdaq 100 fell from above 60% to about 33%, weakening its risk-asset link.
• Bitcoin’s correlation with gold climbed from near zero to above 50% as investors focused more on scarcity and monetary risks.
• Rising U.S. debt, deficits and Treasury yields are strengthening the appeal of Bitcoin as a potential hedge against fiat debasement.

Bitcoin is moving away from its recent Nasdaq relationship as its correlation with gold rises, according to Grayscale research. Its 90-day correlation with the Nasdaq 100 has dropped from above 60% to about 33%, while its gold correlation rose from near zero to above 50%.

Bitcoin’s Nasdaq Correlation Drops

Zach Pandl, Grayscale’s head of research, said the shift followed a year when Bitcoin traded like a high-beta risk asset. That period coincided with an artificial intelligence-driven rally across risk assets, according to Pandl.

However, Bitcoin’s relationship with technology stocks has since weakened sharply. The 90-day correlation between Bitcoin and the Nasdaq 100 now stands near 33%. Previously, the measure had exceeded 60%.

At the same time, Bitcoin’s correlation with gold has climbed above 50%. The relationship stood barely above zero at the start of the year.