Bitcoin’s correlation with gold has climbed to a fresh high in the current data series, while its relationship with major U.S. equity indexes has weakened. According to ChainCatcher, BTC’s 90-day price correlation with gold rose to 0.56, above the previous peak of about 0.5 seen in November 2020 and the highest level recorded by most data providers since they began tracking the metric in 2017. Over the same period, BTC’s 90-day correlation with the Nasdaq 100 fell to around 0.3, its lowest point in a year. On a shorter 30-day window, the link between BTC and gold increased again to 0.72, while its correlation with the Nasdaq Composite stood at only about 0.22. ChainCatcher said capital flows tied to the “currency debasement trade” since August have reinforced Bitcoin’s “digital gold” narrative.
Bitcoin’s 90-day price correlation with gold has risen to 0.56, according to ChainCatcher, moving above the previous high of about 0.5 recorded in November 2020.
The reading marks the highest level tracked by most data providers since records began in 2017. Over the same period, BTC’s 90-day correlation with the Nasdaq 100 fell to around 0.3, a one-year low.
On a 30-day basis, Bitcoin’s correlation with gold climbed further to 0.72. Its correlation with the Nasdaq Composite was only about 0.22.
ChainCatcher said capital flows linked to the “currency debasement trade” since August have reinforced Bitcoin’s “digital gold” narrative.
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