Bitcoin's Gold Connection Deepens, Marking Shift in Macro Profile
Bitcoin's macro profile is shifting as its correlation with gold surges to new heights. According to analyst Adam Livingston, Bitcoin's 120-day correlation with gold has reached the 99.5th percentile of all readings since 2020.
The correlation between Bitcoin and gold now exceeds that of its QQQ correlation by 0.19, marking the widest gap in the post-2020 dataset. Meanwhile, Bitcoin's equity exposure remains but has weakened.
Low volatility and a stronger correlation with gold point to a shift in Bitcoin's macro profile, with Livingston describing it as trading more like a monetary asset with continued risk-on exposure.