Bitcoin Gold Correlation Rises Amid Nasdaq Link Weakening

The relationship between Bitcoin and the Nasdaq has weakened significantly in recent months. According to Grayscale data, Bitcoin's 90-day correlation with the Nasdaq has dropped from over 60% to just 33%. This shift is particularly notable given that Bitcoin spent much of the past year moving closely with the tech-heavy index.

However, the cryptocurrency's link to gold has strengthened. Its 90-day correlation with gold has climbed above 50%, and its price performance has outpaced gold in recent weeks. Over the past five weeks, BTC rose by 22.2%, compared to a 13.3% increase for gold.

Speaking at Bitcoin Asia 2026 in Hong Kong, Binance co-founder Changpeng 'CZ' Zhao predicted that Bitcoin could eventually overtake gold as the market enters another bull cycle. He stated, 'I think Bitcoin will overtake gold pretty soon... In the next bull run, it could happen.'

CZ acknowledged that institutional adoption of Bitcoin would take time due to established systems for valuation and reserve management around gold. However, he emphasized his conviction that Bitcoin will become more important than gold.