Bitcoin Surges 36% Since August 18 While Gold and Stocks Remain Stagnant: A Shift in Correlation?

Bitcoin just posted a 36-point performance gap over stocks and gold in five weeks, but the mechanics behind that rally raise an uncomfortable question about whether the move reflects a genuine shift or a squeeze that is already running out…

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Bitcoin (CRYPTO: BTC) has surged by 36% since August 18, 2026, while the two assets it typically moves in sync with have shown little movement. Over the same period, the SPDR S&P 500 ETF Trust (NYSEARCA: SPY) returned only 0.05%, and SPDR Gold Shares (NYSEARCA: GLD) dropped 1.4%. This significant gap has led to renewed discussions about whether the established correlation between Bitcoin, stocks, and gold is coming to an end.

Now priced near $84,000, Bitcoin’s remarkable rise raises the question: Can five weeks of divergence be enough to declare the long-standing relationship with these assets over, or is this a short-term anomaly that might revert to the historical trend?

A Five-Week Window and a 90-Day Window Can Disagree, and They Do

Correlation is a statistic ranging from minus one to plus one, which describes how two assets have moved in relation to each other over a specific period. A score of plus one means they move together perfectly, zero indicates no relationship, and minus one shows they move in opposite directions. Since correlation can vary across time frames, a five-week correlation reading may differ from a 90-day reading, and both can be valid.