Bitcoin’s Correlation With Nasdaq 100 Weakens as Link to Gold Strengthens

Forecast Trend Report by Period

Bitcoin has become less closely correlated with technology stocks since March, while its correlation with gold has strengthened.

Glassnode said on September 7 that Bitcoin’s 90-day correlation coefficient with the Nasdaq 100 index had fallen to 0.22 from 0.57 in March.

Over the same period, Bitcoin’s 90-day correlation with gold climbed to 0.57 from 0.21. Compared with March, that means Bitcoin’s correlation with the Nasdaq 100 and gold has essentially reversed.

Recent price moves suggest Bitcoin is increasingly decoupling from tech stocks while moving more in line with gold.