Bitcoin-Nasdaq Correlation Falls to 33% as Link With Gold Rises Above 50%

Bitcoin’s correlation with the Nasdaq falls to roughly 33% as its correlation with gold rises above 50%, according to Grayscale research.

Bitcoin’s relationship with the Nasdaq has weakened sharply, while its correlation with gold has strengthened, according to data cited in an X post referencing Zach Pandl, head of research at Grayscale. The figures indicate that Bitcoin’s correlation with the Nasdaq has declined from more than 60% to roughly 33%, while its correlation with gold has risen above 50%.

The shift highlights a change in the way Bitcoin has been moving relative to major traditional asset classes. Pandl described the development as a signal that Bitcoin is increasingly taking on characteristics associated with a scarce store of value.

Bitcoin’s Correlation With Nasdaq Declines

The data cited in the post show Bitcoin’s correlation with the Nasdaq falling from above 60% to approximately 33%. Correlation measures the degree to which two assets move in relation to each other, although it does not establish that one asset causes movements in the other.

The Nasdaq is heavily associated with technology and growth-oriented companies, whose valuations can be sensitive to interest rates, liquidity conditions and expectations for economic growth. Bitcoin has at times traded in a similar direction to risk-sensitive assets, particularly during periods when investors have broadly increased or reduced exposure to higher-risk investments.

A correlation of roughly 33% represents a considerably weaker relationship than one above 60%. The latest figure therefore suggests that Bitcoin’s price movements have become less closely aligned with those of the Nasdaq than indicated by the earlier measurement.

The information provided does not specify the precise period, methodology or calculation window used to produce the correlation figures.

Bitcoin-Gold Correlation Moves Above 50%

At the same time, Bitcoin’s reported correlation with gold has climbed above 50%. Gold has traditionally been viewed as a scarce asset and a store of value, with demand often influenced by inflation concerns, monetary conditions, currency movements and perceptions of financial risk.

The increase in Bitcoin’s correlation with gold marks a notable contrast with the decline in its relationship with the Nasdaq. Rather than moving increasingly in line with technology-focused equities, Bitcoin has recently shown a stronger statistical relationship with the precious metal based on the figures cited.

However, correlation levels can change over time and do not by themselves establish a permanent shift in how investors view or use an asset.

Grayscale Research Points to Store-of-Value Role

Pandl, who serves as head of research at Grayscale, interpreted the changing correlations as evidence of a broader shift in Bitcoin’s market role. According to the statement cited in the X post, the movement signals a transition toward Bitcoin functioning as a scarce store of value.

Bitcoin has a fixed maximum supply of 21 million coins under its underlying protocol. This programmed supply limitation is one of the characteristics frequently cited when comparing Bitcoin with scarce assets such as gold.

At the same time, Bitcoin remains a highly traded digital asset whose price can respond to developments in financial markets, regulation, investor demand and broader economic conditions. Its historical correlations with other assets have varied considerably depending on the period being measured.

The latest figures therefore provide a snapshot of Bitcoin’s changing relationship with traditional markets rather than definitive evidence of a permanent transformation.

The reported decline in Bitcoin’s Nasdaq correlation and increase in its gold correlation nevertheless provide an important data point for investors tracking how the cryptocurrency behaves relative to established asset classes. Whether the trend persists will depend on future market conditions and the period over which correlations are measured.

writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.