Bitcoin's role in portfolios is shifting. Once closely tied to technology stocks, the cryptocurrency is now moving more in line with gold, marking a notable change in market behavior.
Bitcoin's 90-day correlation with the Nasdaq has fallen from above 60% to 33%, according to recent data. Meanwhile, its correlation with gold has moved in the opposite direction, rising above 50% after remaining relatively detached through much of the previous year.
The assets are moving more similarly than before, though Bitcoin remains the higher-volatility option. Over the last five weeks, Bitcoin gained approximately 22.2% compared to gold's 13.3% increase.
The shift reflects a broader question about whether Bitcoin is increasingly being viewed as a reserve asset rather than a technology trade. Binance founder Changpeng Zhao suggested at Bitcoin Asia 2026 in Hong Kong that Bitcoin could overtake gold in the next bull cycle, though he acknowledged that such a transition would likely be gradual given the entrenched infrastructure around gold.
Zhao noted that gold remains roughly 10 times larger than Bitcoin by market size, though the gap has narrowed. He indicated he advises governments to build crypto reserves, typically allocating roughly half to Bitcoin.
For institutions and governments to treat Bitcoin as a reserve asset would require overcoming decades of established frameworks around gold—from valuation to custody and reserve management. The question ahead is whether weakening ties to technology stocks and strengthening correlations with gold signal a fundamental recategorization of how Bitcoin functions in the financial system.
