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Bitcoin-gold correlation jumps to a six-year high amid macro stress
Bitwise data shows the 90-day correlation between bitcoin and gold rose as longer-dated Treasury yields climbed, and bitcoin gained 22.4% the following week.
Bitcoin’s 90-day correlation with gold reached its highest level since 2020 at the end of August, according to Bitwise data cited by The Block. The shift came alongside a bond market selloff, with bitcoin and gold moving more closely together as yields on longer-dated U.S. Treasurys moved higher.
The Block reported that the correlation rose after the yield rise and as U.S. Treasury Secretary Scott Bessent increased purchases of long-dated bonds. In the week that followed, bitcoin rose 22.4%, gold added about 5%, and stocks fell, Bitwise research director André Dragosch noted in a client memo.
The Block also said Glassnode was less convinced that bitcoin’s recent divergence from U.S. equities will persist, citing past episodes where similar decoupling during bond selloffs proved short-lived. Glassnode pointed to bitcoin’s 30-day correlation with the S&P 500 falling toward zero during the August rally.
According to Bitwise’s 90-day measure, bitcoin was also negatively correlated with the U.S. Dollar Index at the end of August, implying that headwinds for the dollar can act as tailwinds for bitcoin and gold, The Block reported. Dragosch said the behavior resembles an amplified version of gold when macro forces dominate investor decisions.
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