Bitcoin’s Correlation With Gold Just Hit a Six-Year High. Is BTC Finally Digital Gold?

Quick Read

• Bitcoin's gold correlation hit a 6-year high of +0.50 while its QQQ correlation flipped from +0.80 to -0.30, tracking macro yields instead of tech stocks.

• Bitcoin's 54% peak-to-trough drawdown this cycle disqualifies the store-of-value label, regardless of what any 90-day correlation window shows.

• The Fed's next rate decision is the real test. If Bitcoin rallies with tech, the summer gold correlation looks like a bond-market artifact.

Bitcoin's 90-day correlation with gold reached +0.50 in early September, the highest since 2020. Meanwhile, its correlation with the Nasdaq 100 fell to about +0.30, the lowest in a year, down from roughly +0.60 through 2022 and 2024.

Bitcoin (CRYPTO:BTC) trades at $76,941, down 1.2%

over 24 hours, while gold closed at $4,348 on September 13. The question is whether Bitcoin is truly becoming digital gold, or whether this correlation is temporary and driven by bond-market pressure.

Exploring Bitcoin's Current Relationship with Gold

The recent correlation reading of +0.50 between gold and Bitcoin is the highest since 2020, as Bitwise reported on September 3 using Bloomberg data from April 2015 through the end of August. The Nasdaq 100's current reading of about +0.30 is down from roughly +0.60, the level Grayscale Research recorded through 2022 and 2024.