Bitcoin's Volatility Ratio Collapses Against Gold Amid Macro Turbulence
Bitcoin's volatility ratio against gold has collapsed to its lowest level in six years as traditional safe-haven turbulence surges. According to CryptoRank, their 90-day correlation has climbed to about 0.55, the highest in nearly six years. Meanwhile, Bitcoin's volatility stands at 36.2%, while gold's is at 25.3%. This makes Bitcoin only 1.43 times as volatile as gold, down from 5.6 times in 2021.
The unusual part of this convergence is how much it has come from gold becoming more volatile. Gold's current 90-day volatility sits in the 93rd percentile of its own history, while Bitcoin's places it around the 10th percentile. The ratio between their two assets' volatility has remained below two for 177 consecutive sessions.
Adam Livingston, a Bitcoin analyst, noted that Bitcoin's average volatility has risen to roughly 44% this year from 41%. Gold's has surged to about 30% from 18%. Every session during the past six years in which gold's 90-day volatility exceeded 25% has occurred in 2026.
Ole Hansen, head of commodity strategy at Saxo Bank, said precious metals had rebounded for a second session as softer US economic data and easing pressure from oil helped arrest the rise in bond yields. He noted that for now, gold's inverse correlation with oil prices and bond yields remains a key focus.