Bitcoin's Gold Rush: Correlation Hits Highest Since 2020 Amid Macro Volatility
Bitcoin's correlation with gold has reached its highest level since 2020, at +0.56 according to Talos CM Market Data.
This divergence indicates that Bitcoin's price path is no longer driven by tech stocks' risk beta but instead aligns with macro factors supporting gold.
The current environment blends traits from both the 2020 pandemic liquidity shock and the 2023 regional bank failures, with stress in the US Treasuries market favoring scarce assets like gold and Bitcoin.