Bitcoin Moves Closer to Gold as US Debt Revives Debasement Trade

Key Takeaways

• Bitcoin’s 90-day correlation with gold has climbed above 50%.
• Its Nasdaq 100 correlation has fallen from above 60% to about 33%.
• U.S. debt above $40 trillion is strengthening the debasement narrative.

Bitcoin’s Correlation Shifts From Nasdaq Toward Gold

Bitcoin’s relationship with traditional assets is changing as investors increasingly treat the cryptocurrency as a scarce monetary asset rather than another high-beta technology investment, according to Grayscale. The asset manager said Aug. 27 that bitcoin’s correlation profile has undergone a notable regime shift, potentially reviving its role as a portfolio diversifier.

Bitcoin’s 90-day correlation with the Nasdaq 100 has fallen from more than 60% to roughly 33%, Grayscale said, citing Bloomberg data through Aug. 24. Over the same period, its correlation with gold has climbed from barely above zero at the start of 2026 to more than 50%.

The reversal contrasts with recent years, when bitcoin frequently traded in step with growth stocks. Grayscale argued that the latest divergence may indicate renewed attention to bitcoin’s scarcity, monetary independence, and potential store-of-value characteristics.

Recent market action has reinforced that comparison as gold climbed above $4,600 while bitcoin participated in the same debasement trade. Gold futures traded as high as $4,730.90 on Aug. 26, while investors reassessed the outlook for the dollar and long-term U.S. borrowing costs.