BlockBeats news, on September 6, Bitwise’s Head of European Research, André Dragosch, stated that Bitcoin’s 90-day rolling correlation with gold has risen to its highest level since 2020, while its correlation with the Nasdaq 100 Index has fallen to a one-year low. Meanwhile, Bitcoin remains significantly negatively correlated with the U.S. Dollar Index.
In August, U.S. long-term Treasury yields rose, prompting Treasury Secretary Bentsen to intervene in the market by expanding long-term Treasury buybacks. Following this, Bitcoin surged 22.4% for the week—the largest weekly gain since March 2024—while gold rose approximately 5% and stocks declined. The last time Bitcoin’s correlation with gold reached a similar high was after government fiscal and monetary stimulus measures during the pandemic in 2020.
Bitcoin and gold remain distinct assets, but as macroeconomic pressures and currency depreciation risks rise, investors are increasingly inclined to hold both as a hedge. Bitcoin’s recent performance has increasingly resembled gold with amplified volatility. If this correlation trend continues, Bitcoin may enter a larger pool of capital dominated by central banks, sovereign institutions, and asset allocators, facing potential repricing.