Bitcoin-Gold Correlation Hits Six-Year High as Nasdaq Link Falls Sharply

Bitcoin’s 90-day correlation with gold has climbed above 50%, reaching its highest level since 2020, while its correlation with the Nasdaq has fallen substantially, according to data cited by @coinbureau from Bitwise.

The shift markets a notable change in Bitcoin’s relationship with major traditional assets. Bitwise’s figures show the cryptocurrency’s correlation with the Nasdaq has declined to 33% from more than 60%, while its correlation with gold has moved in the opposite direction.

Bitcoin’s Correlation With Gold Reaches Highest Level Since 2020

The latest reading places Bitcoin’s relationship with gold at levels last seen during the extraordinary market conditions of 2020. That period was defined by the economic shock caused by the COVID-19 pandemic, followed by unprecedented fiscal and monetary stimulus that affected asset prices across global markets.

Bitcoin’s correlation with gold has historically fluctuated rather than maintaining a consistent relationship. Research from VanEck found that the correlation between the two assets increased significantly during the March 2020 market turmoil, illustrating how Bitcoin’s behavior can change depending on broader financial conditions.

The renewed increase is particularly relevant as investors continue to assess Bitcoin’s role within diversified portfolios. Gold has traditionally been viewed as a defensive asset, while Bitcoin has often traded more closely with risk-sensitive assets, including technology equities.

Bitcoin-Nasdaq Correlation Drops to 33%

The decline in Bitcoin’s Nasdaq correlation provides a contrasting development. From above 60%, the relationship has now fallen to 33%, indicating that Bitcoin’s recent price movements have become less synchronized with the technology-heavy U.S. equity benchmark.

That change could affect how institutional investors evaluate Bitcoin’s diversification characteristics. A weaker relationship with equities, combined with stronger short-term correlation with gold, may reinforce arguments for viewing Bitcoin through a different lens than conventional growth-oriented assets.

However, correlation measurements are dynamic and can change rapidly as market conditions shift. The current 90-day reading therefore does not establish a permanent change in Bitcoin’s market identity.

The key question for investors is whether the elevated correlation with gold will persist while Bitcoin remains less aligned with the Nasdaq, or whether the two relationships will move back toward their previous patterns as macroeconomic conditions evolve.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.