Bitcoin’s 90-day price correlation with gold has climbed to +0.56, Protos reported, the highest level since most data providers began measuring the metric in January 2017. That also puts it above the previous record of +0.5 set in November 2020.
Over the same 90-day window, Bitcoin’s correlation with the Nasdaq 100 index fell to roughly +0.30, a one-year low. Protos said the move has brought the "digital gold" narrative back into focus for BTC, while pushing aside the idea that it trades mainly as a Nasdaq-style tech proxy.
Gold link strengthens as Nasdaq correlation fades
Pearson price correlations run from -1 to +1. A reading of +1 means two assets move in lockstep and never decouple in their correlated price action. A reading of 0 means no correlation, while -1 means they move in perfectly opposite directions by proportionally consistent amounts.
These readings are calculated over a set period, such as the past 90 days. On that basis, Protos said BTC’s correlation with the Nasdaq 100 has slipped to about +0.30, while its correlation with gold has risen to +0.56.
Bitwise Asset Management wrote, “The argument that BTC is ‘just a leveraged tech investment’ may not be true after all.” Bloomberg’s senior ETF analyst reached a similar conclusion, saying Bitcoin was less correlated with US stocks over six months than gold. That finding, he said, “blows up the claim” that BTC “is just QQQ.”
30-day correlation reaches +0.72
On a shorter 30-day timeframe, gold’s correlation with Bitcoin rose even further, reaching +0.72. During the same rolling period, Bitcoin’s correlation with the Nasdaq composite dropped to 0.22.
Protos said the two assets moved back into strong correlation on one date for one reason. After US Treasury Secretary Scott Bessent began what the article described as QE Lite by buying back billions of dollars in long-dated bonds, the debasement trade accelerated. Traders moved into gold, BTC, and other debasement proxies.
Within 24 hours, gold gained 4.6%, BTC jumped 9.2%, and both silver and platinum rose 6%. Nasdaq, by contrast, barely moved, ending that day within 0.6% of its opening price.
Gold still outperformed BTC over the past year
Protos added that in early August it had reported gold had outperformed Bitcoin by more than 70% over the prior year. That lead continued into August, although BTC rallied 22.8% between August 19 and 21, well ahead of gold’s 6% gain over the same three-day stretch during the initial QE Lite reaction tied to protection against fiat debasement.
The article was first published by Protos under the headline “Bitcoin’s 90-day correlation with gold hits nine-year high.”
