Bitcoin’s 90‑day correlation with gold reaches nine‑year high

Correlation surge

Bitcoin’s 90‑day price correlation with gold rose to +0.56, the strongest level since data providers began tracking it in January 2017. This beats the previous high of +0.50 recorded in November 2020.

Key numbers

• 90‑day BTC‑gold correlation: +0.56
• 90‑day BTC‑Nasdaq 100 correlation: about +0.30 (a one‑year low)
• 30‑day BTC‑gold correlation: +0.72
• 30‑day BTC‑Nasdaq composite correlation: 0.22
• In a single day after the U.S. Treasury’s “QE Lite” move, gold rose 4.6% and Bitcoin 9.2%.

How correlation is measured

The article uses the Pearson correlation coefficient, a number between –1 and +1. A value of +1 means the two assets move together perfectly, 0 means no relationship, and –1 means they move in opposite directions.

Analyst views

Bitwise Asset Management noted that the data challenges the idea that Bitcoin is “just a leveraged tech investment.” Bloomberg’s senior ETF analyst echoed this, saying the lower link with U.S. stocks over six months weakens the claim that Bitcoin behaves like the QQQ index.

Why the shift matters

The stronger link to gold revives the “digital gold” narrative for Bitcoin, suggesting investors may see it as a hedge against fiat‑currency debasement rather than a pure tech‑sector play.

Sources

• Protos