Bitcoin Decoupling From Nasdaq, Says Grayscale as 'Debasement Trade' Comes Into Focus: Rising Debt, Defic

Cryptocurrency asset management giant Grayscale noted on Wednesday that Bitcoin (CRYPTO: BTC) is gradually decoupling from technology stocks while its correlation with gold continues to rise.

Bitcoin No More Moving Like a Tech Stock?

Grayscale said in an X post that Bitcoin’s 90-day correlation with the Nasdaq Composite has decreased from roughly 60% to 33%.

At the same time, its correlation with gold has increased from nearly zero to nearly 50%.

Grayscale added that the shift reflects a macro backdrop that has brought the “debasement trade” back into focus.

The Scare, Liquid Alternative to Gold?

Media coverage is pointing to this scenario. Mentions of the word "debasement" appeared in more than 1,500 articles last week, the highest weekly count since January.

The renewed focus stemmed from Treasury actions under Secretary Scott Bessent to expand buybacks of long-dated bonds. The market saw the move as inflationary and favorable for hard assets, pushing yields and the dollar index lower.

“Rising debt, persistent deficits, and higher yields are pushing investors toward alternatives like Bitcoin and gold,” Grayscale added.

Grayscale added that as fiscal imbalances expand and investors question the long-term value of fiat currencies, Bitcoin can serve as a “scarce” and “liquid” alternative alongside gold.