Bitcoin Gold Correlation Hits Six-Year High Amid Macro Uncertainty
Bitcoin's correlation with gold has reached its highest level since 2020, according to data from Bitwise Asset Management. This shift signals a change in how investors view Bitcoin, moving it closer to gold's traditional role as a store of value during periods of macro stress.
The 90-day rolling correlation between the two assets has climbed to its strongest level since the Covid-19 stimulus era, when government intervention reshaped global markets. This current reading matches levels last seen in 2020 and is attributed to the recent bond market intervention by U.S. Treasury Secretary Scott Bessent.
Bitcoin posted a 22.4% weekly gain following the intervention, its largest since March 2024. Gold gained around 5% over the same period while equities fell. Bitwise notes that both assets moved together in a way that stood out statistically.