Bitcoin-gold correlation hits six-year high

• Bitcoin’s 90-day correlation with gold reached its highest level since 2020, according to Bitwise data.
• Bitcoin rose 22.4% in the week after the latest bond market selloff, while gold gained about 5%.
• Glassnode warned that Bitcoin’s recent divergence from US equities may not represent a lasting market shift.

Bitcoin (CRYPTO:BTC) moved more closely with gold during the latest bond market selloff, pushing their 90-day correlation to a nearly six-year high.

Bitwise said Bitcoin rose 22.4% over the following week, marking its biggest weekly gain since March 2024, while gold gained about 5% and stocks declined.

“When things get serious and macro forces are strong, investors are discriminating less and less between bitcoin and gold,” said Bitwise Europe Research Director André Dragosch.

Bitcoin’s 30-day correlation with the S&P 500 fell towards zero during its August rally, although Glassnode said similar moves during bond selloffs have historically been short-lived.

Bitcoin cleared US$80,000 in late August after gaining 25% during the month, before falling towards US$76,000, according to The Block.

Glassnode identified a long-term holder supply cluster between US$83,000 and US$86,000, while its main accumulation floor was between US$62,000 and US$65,000.

Spot Bitcoin exchange-traded funds recorded average daily inflows of about US$290 million at the rally’s peak, while daily trading volume remained near US$3 billion.

At the time of reporting, Bitcoin price was $80,919.88.