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Bitcoin shows higher correlation to hard assets as yields rise
A 90-day correlation study puts bitcoin’s link to gold at 0.59, while bitcoin’s tie to the U.S. 10-year Treasury yield is only slightly negative at -0.17.
Bitcoin is trading more like a hard asset relative to gold and less constrained by U.S. Treasury yields, according to a correlation analysis cited by CoinDesk. The study looks at 90-day rolling relationships between bitcoin, gold, and the daily changes in the U.S. 10-year yield.
The analysis puts the 90-day correlation between bitcoin and gold daily returns at 0.59, the highest since 2020, when market sentiment was heavily shaped by pandemic-era policy and the surge in liquidity. It also frames both assets as benefiting from fiscal concerns and the prospect of financial repression that can push bond yields higher.
Where the picture differs is bitcoin’s sensitivity to yields. CoinDesk cites data showing bitcoin’s correlation with the U.S. 10-year yield is negligibly negative at -0.17, compared with gold’s -0.41, suggesting a rising bond yield may pressure gold more than bitcoin.
CoinDesk notes the relationship is not risk-free, but it implies bitcoin could be better positioned to decouple from yield-driven headwinds than gold as borrowing costs move.
CoinDesk also highlights bitcoin’s current price in the newsletter context, citing BTC at about $79,193.99.
Latest closeGold $4,431.70 ▲1.9%|Bitcoin $79,153.04 ▼1.5%