Bitcoin’s correlation with gold has climbed above 50%, according to Grayscale. Its correlation with the Nasdaq 100 has fallen from over 60% to around 33%. Grayscale says renewed focus on scar
According to Grayscale Head of Research Zach Pandl, Bitcoin’s 90-day correlation with gold has risen from near zero at the start of the year to above 50%, while its correlation with the Nasdaq 100 has declined from more than 60% to roughly 33%.
The changing relationship suggests investors are increasingly viewing Bitcoin as a scarce monetary asset rather than a technology-linked risk asset. The shift comes as market participants reassess Bitcoin’s role amid changing macroeconomic conditions.
The data points to evolving investor sentiment toward the world’s largest cryptocurrency.
Pandl believes the shift reflects renewed attention on Bitcoin’s fixed supply, monetary independence, and store-of-value characteristics.
He argued that the return of the “debasement trade”—driven by concerns over expanding government debt and persistent fiscal deficits—is encouraging investors to seek scarce assets. With U.S. federal debt exceeding $40 trillion, Bitcoin and gold are increasingly being viewed as potential hedges against long-term currency debasement.
The trend may signal a changing market narrative for digital assets.
Grayscale: Bitcoin’s correlation with gold rises above 50% as “debasement trade” returns Grayscale Head of Research Zach Pandl said Bitcoin’s 90-day correlation with the Nasdaq 100 has fallen from over 60% to roughly 33%, while its correlation with gold has risen from near… pic.twitter.com/gJjTcAYaFH
— Wu Blockchain (@WuBlockchain) August 28, 2026
The latest Bitcoin gold correlation data suggests macroeconomic factors are playing a greater role in shaping investor behavior.
If Bitcoin continues trading more closely with gold than technology stocks, it could strengthen its position as a digital store of value. Investors will continue watching macroeconomic developments, fiscal policy, and institutional flows to determine whether this shift represents the beginning of a longer-term market regime.
