Bitcoin Correlation Shifts to Gold Amid Tech Stock Weakness

Bitcoin's recent rally has been accompanied by a notable change in how it trades relative to traditional markets.

Its 90-day correlation with gold has climbed above 50%, up from close to zero at the start of 2026, while its correlation with the Nasdaq 100 has fallen to roughly 33% from more than 60%, according to Grayscale research.

This shift suggests that Bitcoin has recently behaved less like a high-beta technology trade and more like a scarce macro asset. However, it does not prove a permanent shift, as rolling correlations can change quickly as new price data enter the calculation.

The correlation change has appeared during one of Bitcoin's strongest stretches of the year. BTC rose from roughly $62,679 on Aug. 17 to $79,500 on Aug. 21, a gain of about 27% in four days.

The rebound was supported by Treasury bond-buyback changes, a weaker dollar, short liquidations and renewed institutional demand.