Bitcoin Decoupling From Nasdaq, Says Grayscale as 'Debasement Trade' Comes Into Focus: Rising Debt, Deficit 'Pushing' Investors to BTC, Gold

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.

Bitcoin $BTC is decoupling from NASDAQ and correlating with gold.

$BTC's 90-day correlation with NASDAQ has fallen from ~60% to 33%. Its correlation with gold has risen from near zero to ~50%.

Rising debt, persistent deficits, and higher yields are pushing investors toward… pic.twitter.com/xsaM9fJVqC

Sep 02, 2026

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.