Gold hit nine-week highs Wednesday as Bitcoin (CRYPTO: BTC) slipped on CPI data, yet their 90-day correlation has returned to levels not seen since Bitcoin’s original digital gold era.
What Schiff Said and Why It Matters
Peter Schiff posted on X that gold and Bitcoin are very different asset classes, pointing to Wednesday’s CPI print as proof.
Gold rose 1.5% on the data while Bitcoin fell 0.4%, which Schiff said shows they react differently to the same economic news.
Moreover, Gold climbed to $4,435 per ounce Tuesday, its highest level since June 5, as retail investors piled into gold ETFs.
Why The Correlation Data Tells A Different Story?
CryptoQuant CEO Ki Young Ju flagged on X that Bitcoin’s 90-day correlation with gold has rebounded from nearly negative 0.9 in early 2026 back to around positive 0.7, what he called “digital-gold-era levels.”
The shift suggests Bitcoin is once again being priced as a scarce, non-sovereign asset rather than purely as a high-beta tech trade.
Spot ETFs may be reinforcing that connection, since they let institutions hold Bitcoin and gold inside similar portfolio frameworks.
XWIN Japan added an important caveat in its market analysis: a positive correlation isn’t automatically bullish, since both assets can rise or fall together in either direction.
