Bitcoin-Gold Correlation Hits Six-Year High Amid Macro Uncertainty
Bitcoin's correlation with gold has reached its highest level since 2020, according to research from Bitwise Asset Management. The firm analyzed data spanning from April 2015 through August 2026 and found that the 90-day rolling correlation between Bitcoin and gold climbed to its strongest level in six years.
The shift suggests 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. Bitwise attributes this change to the recent intervention by U.S. Treasury Secretary Scott Bessent in the bond market, which sparked concerns about financial repression and yield curve control.
Bitcoin posted its largest weekly gain since March 2024 following the intervention, rising 22.4%, while gold gained roughly 5% over the same period. Bitwise notes that both assets moved together in a way that stood out statistically, indicating a shift towards viewing Bitcoin as a macro hedge.