Bitwise data reveals that Bitcoin has a lower correlation to the 10-year U.S. Treasury yield than gold, showing greater resilience during bond market declines. In late August, the 90-day rolling correlation between Bitcoin and gold rose above 0.5, the highest since 2020, as U.S. federal debt surpassed $40 trillion. The Treasury doubled its long-term bond buyback program to $4 billion, and Bitcoin surged 22.4% in a week. Analysts attribute gold's high correlation to its role in institutional fixed-income portfolios, while Bitcoin remains outside traditional yield models.
Bitwise has fresh numbers, and they point to this: Bitcoin is less tied to the 10-year U.S. Treasury yield than gold is. That suggests it holds up better when the bond market gets hit. In late August, the 90-day rolling correlation between Bitcoin and gold pushed past 0.5, its highest reading since 2020. That happened as U.S. federal debt moved above $40 trillion for the first time.
On August 19, the U.S. Treasury said it would double its long-term bond buyback program, taking it from $2 billion to $4 billion. After that announcement, Bitcoin jumped 22.4% in just one week. Analysts say gold’s tight link to Treasury yields comes from its place in institutional fixed-income portfolios. Bitcoin is different. Its investor base is broader, and it still has not been folded into traditional yield models.
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