Odaily Planet Daily report: As concerns over the fiscal conditions of developed economies intensify, gold and Bitcoin have recently strengthened in tandem. To date, the 90-day correlation coefficient between BTC and gold daily returns has risen to 0.59, the highest level since 2020.
However, compared to gold, Bitcoin appears to be more “immune” to fluctuations in the bond market. Data shows that the 90-day correlation coefficient between BTC and the U.S. 10-year Treasury yield is only -0.17, indicating that rising Treasury yields have a relatively limited negative impact on Bitcoin; during the same period, the correlation coefficient between gold and the 10-year U.S. Treasury yield was -0.41. Analysts suggest this indicates Bitcoin is less tied to bond market dynamics than gold, and in an environment where fiscal risks and expectations of financial repression are rising, its “hard asset” characteristics may become more pronounced. (Investing)