Bitcoin’s 90-day correlation with gold has risen above 50%, reaching its highest level since the 2020 pandemic period, while its correlation with the Nasdaq 100 has fallen from more than 60% to roughly 30%-33%, according to a Techub report citing CryptoPotato. The report said the shift began in mid-August, when the U.S. Treasury raised the cap on long-term Treasury liquidity support buyback operations from $2 billion to $4 billion. Analysts linked the move to growing market concerns over debt, deficits, and currency debasement, which pushed investors to view both Bitcoin and gold as hedging instruments. Grayscale research head Zach Pandl said Bitcoin’s correlation with gold has moved from near zero at the start of the year to above 50%. Even so, the report noted that Bitcoin has not fully broken from equities, pointing to a recent instance in which Bitcoin and U.S. stocks both fell after a strong U.S. jobs report.
Bitcoin’s 90-day correlation with gold has climbed to its highest point since the 2020 pandemic period, rising above 50%, while its correlation with the Nasdaq 100 has dropped from more than 60% to about 30%-33%, according to Techub, which cited CryptoPotato.
The report said the shift started in mid-August, when the U.S. Treasury increased the cap on long-term Treasury liquidity support buyback operations from $2 billion to $4 billion. Analysts tied that change to growing concerns around debt, deficits, and currency debasement, which led investors to treat both Bitcoin and gold as hedging tools.
Grayscale research head Zach Pandl said Bitcoin’s correlation with gold has moved from near zero at the beginning of the year to above 50%. At the same time, Bitcoin’s correlation with the Nasdaq moved in the opposite direction, suggesting investors may be placing greater weight on Bitcoin’s scarcity and monetary traits rather than viewing it only as a high-risk technology asset.
Still, the report added that Bitcoin’s relationship with equities has not fully reversed. After a strong U.S. jobs report, for example, Bitcoin and U.S. stocks still fell in tandem, showing that the link between the two remains in place.
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