Bitcoin and gold prices move together as investors seek hard assets

Bitcoin and gold reach highest correlation on record

Bitcoin’s price movements have aligned with gold more closely than ever before, according to a key statistical measure. The 90-day Pearson correlation coefficient between the two assets has reached an all-time high, while the 30-day figure hit 0.8, its highest level in a year.

The Pearson correlation coefficient shows how closely two assets move together, with higher numbers meaning their prices rise and fall in sync. This shift marks a change from earlier in 2026, when bitcoin often moved in the opposite direction of gold and stocks.

Why prices are moving in sync

Analysts attribute the trend to growing concerns about currency debasement, the idea that government-backed money like the U.S. dollar may lose value over time. Traditionally, investors have turned to gold as a safe haven during such periods. Now, bitcoin is increasingly being included in that category as a hard asset, a type of investment seen as a reliable store of value.

Both gold and bitcoin exchange-traded funds (ETFs), which are investment funds traded on stock exchanges, have seen strong demand. Bitcoin ETFs recorded nearly $1 billion in inflows last week. For the year, these funds have attracted $1.89 billion in total, with BlackRock’s IBIT alone pulling in $1.2 billion.

Market sentiment turns greedy

The Fear and Greed Index, a measure of market sentiment for bitcoin on a scale from 0 (extreme fear) to 100 (extreme greed), currently sits at 68, indicating a greedy market. This follows a low of 5 earlier in the year, marking one of the sharpest sentiment shifts on record for an asset of bitcoin’s size.

Historically, similar spikes in the correlation between bitcoin and gold have preceded strong bitcoin rallies. In 2020, after the correlation peaked at 0.6 and then dropped, bitcoin gained 172%. In late 2022, the correlation rose from near 0 to 0.5, followed by a nearly 350% rally over the next 14 months.

What is confirmed

• Bitcoin’s 90-day correlation with gold is at an all-time high, and the 30-day correlation is at 0.8.
• Both gold and bitcoin ETFs have seen strong inflows, with bitcoin ETFs attracting nearly $1 billion last week.
• Bitcoin ETFs have drawn $1.89 billion year-to-date, with BlackRock’s IBIT at $1.2 billion.
• The Fear and Greed Index for bitcoin is currently at 68, up from a low of 5 earlier in 2026.

Why this matters for investors

The rising correlation suggests that bitcoin is increasingly being treated like gold as a hedge against currency debasement. Past patterns show that when bitcoin’s correlation with gold peaks and then falls, it has often signaled the start of a strong upward trend for bitcoin.

Sources

• The Block