Bitcoin's correlation with gold has reached its highest level in six years, according to new research from Bitwise Asset Management. The 90-day rolling correlation between the two assets has climbed to its strongest point since 2020, when pandemic-era stimulus reshaped global markets.
Bitwise tracked the relationship using Bloomberg data from April 2015 through August 2026. The current reading matches levels last seen during the Covid-19 stimulus era, a period marked by heavy government intervention in financial markets.
A significant turning point occurred in August when U.S. Treasury Secretary Scott Bessent intervened in the bond market after yields on 10- and 30-year Treasuries rose. Bitcoin posted its largest weekly gain since March 2024 following the intervention, rising 22.4%, while gold gained roughly 5% over the same period as equities fell.
Changing Investor Behavior
Bitwise notes that when macroeconomic conditions dominate headlines, investors tend to stop choosing between gold and bitcoin, instead buying both assets simultaneously. This represents a departure from historical patterns where the assets were viewed as competing investment choices.
The firm's analysis also found that bitcoin's correlation with the Nasdaq-100 has dropped to a one-year low, suggesting bitcoin is weakening its traditional role as a risk asset tied to technology stocks. Additionally, bitcoin remains negatively correlated with the U.S. Dollar Index, a pattern gold has exhibited for decades during periods of currency pressure.
Implications for Market Positioning
While Bitwise acknowledges that bitcoin and gold remain fundamentally different assets, the firm suggests the rising correlation during stressful macro periods carries significance. Gold's market is valued near $30 trillion, built by central banks and institutional allocators over generations.
If bitcoin continues moving toward gold's category as a macro hedge rather than a venture-style risk asset, Bitwise suggests it could eventually be priced against a much larger capital base.
