Bitcoin-Gold Correlation Hits ~+0.50 — Near Six-Year High as Nasdaq Link Drops to One-Year Low

BREAKING

Bitcoin is moving more like gold and less like tech stocks, according to data cited by The Kobeissi Letter on September 6, 2026. The analysis, sourced from Bitwise Asset Management using Bloomberg data, shows Bitcoin’s 90-day rolling correlation with gold has reached approximately +0.50 — a level not seen since the 2020 pandemic period and more than double where it stood at the beginning of this year.

At the same time, Bitcoin’s 90-day rolling correlation with the Nasdaq 100 has slid to roughly +0.30, marking its weakest reading in about one year. The divergence signals a meaningful shift in how Bitcoin is behaving relative to traditional risk assets versus safe-haven assets.

The ‘Debasement Trade’ Driving the Shift

Market commentary has framed this correlation rotation as a \”debasement trade\” — investors rotating into both Bitcoin and gold as a hedge against fiscal and currency risks. The shift has reportedly coincided with increased Treasury buybacks of long-dated debt, which some analysts view as a signal of mounting pressure on fiat purchasing power.

Bitcoin’s last notable surge in gold-correlated behavior occurred during the Covid stimulus era in 2020, when central bank balance sheet expansion and fiscal spending drove investors toward hard-asset alternatives. The current +0.50 reading puts Bitcoin back in similar territory to that period.