Coinbase Institutional said on X that Bitcoin’s correlation with gold is close to historic highs, while cautioning that similar correlation does not mean the two assets deliver the same returns. The firm pointed to a clear split over the past month: BTC rose, while gold fell. In its view, that suggests marginal demand is still leaning toward Bitcoin even as interest rates move higher. Coinbase Institutional also said two indicators have moved lower at the same time. The 90-day correlation between BTC and gold has declined, and Bitcoin’s beta versus the Nasdaq 100 index has also fallen. The update highlights that BTC can still trade differently from traditional macro assets even when headline correlation remains elevated.
Coinbase Institutional said on X that Bitcoin (BTC) is trading with a correlation to gold that is close to historic highs, but added that similar correlation does not mean the two assets are producing the same returns.
BTC and gold moved in opposite directions over the past month
According to Coinbase Institutional, BTC rose over the past month while gold fell. The firm said that split shows marginal demand is still tilting toward Bitcoin even with interest rates moving higher.
Two market gauges also moved lower
Coinbase Institutional also said BTC’s 90-day correlation with gold has declined, and its beta relative to the Nasdaq 100 has fallen as well.
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