Bitcoin is moving more closely with gold than at any point in roughly nine years of comparable data, while its relationship with U.S. technology stocks has weakened sharply, providing fresh support for the cryptocurrency’s “digital gold” narrative. Bitcoin’s 90-day Pearson correlation with gold has risen to +0.56, according to data reported by Protos on September 7.
That exceeds the previous peak of approximately +0.50 recorded in November 2020 and represents the highest reading since most major data providers began tracking the relationship in January 2017. Bitcoin’s relationship with technology stocks is moving in the opposite direction. Its 90-day correlation with the Nasdaq 100 has fallen to approximately +0.30, its lowest level in a year.
Bitcoin Moves Toward Gold as Debasement Trade Returns
The divergence is even more pronounced over shorter measurement periods. Bitcoin’s 30-day correlation with gold recently climbed as high as approximately +0.72, while its correlation with the Nasdaq Composite stood at just +0.22. Separate data analyzed by The Block put Bitcoin’s 30-day gold correlation as high as 0.8 around the beginning of September, with differences reflecting measurement dates and datasets. The shift follows a sharp August rally in assets associated with the so-called debasement trade. Bitcoin surged 22.8% between August 19 and August 21, while gold gained approximately 6% over the same three-day period.
The trade reflects investor demand for scarce assets amid concerns about government debt, fiscal deficits and the long-term purchasing power of fiat currencies. Bitcoin and gold have also occasionally reacted simultaneously to individual macroeconomic developments. During one recent 24-hour period, gold gained 4.6% and Bitcoin jumped 9.2%, while the Nasdaq finished within 0.6% of its opening level.
Correlation Does Not Make Bitcoin a Safe Haven
The latest numbers nevertheless require caution. A +0.56 correlation means Bitcoin and gold have recently demonstrated a moderately strong positive relationship. It does not mean they move identically, nor does it establish that Bitcoin has permanently become a safe-haven asset. Bitcoin remains substantially more volatile than gold. The cryptocurrency has also repeatedly shifted between behaving like a technology-driven risk asset and a monetary alternative depending on liquidity, interest rates and investor positioning. Previous periods of elevated Bitcoin-gold correlation illustrate that instability.
The relationship approached 0.6 during 2020 before subsequently weakening. It climbed again from around zero toward 0.5 in late 2022 before diverging once more. Those episodes were followed by major Bitcoin rallies, although historical correlation patterns cannot establish that the same outcome will occur again. The latest divergence could nevertheless matter for institutional portfolio construction. Bitcoin’s strong relationship with technology stocks has historically weakened arguments that the cryptocurrency provides diversification from conventional risk assets. If its Nasdaq correlation remains low while its gold relationship persists, institutional investors may increasingly evaluate Bitcoin alongside scarce monetary assets rather than primarily alongside speculative technology investments.
Current market conditions are already testing that thesis. Bitcoin recently surged roughly 30% from its 2026 lows and traded above $80,000 during the latest rally, while gold remains above $4,400 per ounce despite pressure from rising interest-rate expectations. The next question is whether Bitcoin maintains its gold-like behavior when macroeconomic conditions change. Correlations can reverse quickly, particularly in crypto markets. For now, however, the data show an unusually clear divergence: Bitcoin’s relationship with gold is stronger than at any point in approximately nine years of comparable records, while its connection with the Nasdaq has weakened to a one-year low.