Benson Sun Claims BTC's 'Golden Bloodline' Awakens, Signaling the Largest Bull Market in History

Huo Xing Finance reports that on September 6, Coinkarma founder Benson Sun published a lengthy article titled “Bitcoin’s Golden Bloodline Awakens—This Could Be the Beginning of the Largest Bull Market in BTC History,” in which he stated: “Has the bull market arrived? Many still harbor doubts. I believe what’s coming is not just a bull market, but a major one.” Benson Sun argues that BTC is transitioning from a “high-beta tech stock” to a “hard asset hedging against fiat currency depreciation,” with its correlation to gold reaching an all-time high while decoupling from U.S. equities. The 60-day correlation coefficient between BTC and gold has risen to 0.663, surpassing the previous peak of 0.64 set in November 2020—the highest level since trading records began in 2011. On September 3 and 4, the coefficient remained above 0.65 for two consecutive trading days, indicating sustained momentum rather than a fleeting spike. A 60-day correlation above 0.5 between BTC and gold is extremely rare, having occurred on only 2.2% of trading days historically, and previously only twice: in August 2020, when BTC traded sideways between $10,000–$12,000 before launching its primary uptrend to $64,000; and in October 2022, when BTC was at a long-term bottom despite the FTX black swan event, ultimately rising 276% from that signal level to a high of $73,000. This is now the third time in history such a high gold correlation has emerged—and this time, it is purer: gold correlation has broken above 0.6 while BTC’s correlation with the Nasdaq has fallen below 0.25. Past bull markets were primarily driven by halving narratives and dollar liquidity spillover, with “digital gold” serving more as a theme than a core driver. The market is now witnessing a rare combination: “high gold correlation + low U.S. equity correlation + thorough consolidation.” Macro factors—namely, the re-pricing of U.S. debt and dollar credibility—are coming into focus. Therefore, Benson Sun believes we are currently in the early stage of a primary bull market phase, not merely a typical oversold rebound. The market is also showing a divergence between the U.S. Dollar Index (DXY) and U.S. Treasury yields: over the past three months, the 30-year Treasury yield rose from 5.0% to 5.25%, briefly hitting a 2007 high of 5.34% on August 18, yet DXY fell below 100 from 101. With yields hitting new highs while the dollar weakens, this signals declining confidence in the dollar. If hedging against currency depreciation re-emerges as the dominant market theme—and BTC simultaneously achieves a record-high correlation with gold—this coincidence demands serious attention. For years, markets have treated BTC as a volatile tech stock, but this cycle is different: in August, BTC surged approximately 24% in one week, while gold rose 5.6% and the Nasdaq fell 2.1%. Bitcoin’s “golden bloodline” is awakening.