Cathie Wood Sees Breakthrough in Bitcoin-Gold Correlation
Cathie Wood sees a significant shift in Bitcoin's behavior as its correlation with gold strengthens and its sensitivity to rising Treasury yields weakens. According to Glassnode data, Bitcoin's 90-day correlation with gold has climbed to about 0.57, from 0.21 in March, while its correlation with the Nasdaq-100 fell to 0.22 from 0.57 over the same period.
ARK Invest founder Cathie Wood highlighted this shift as reassuring, saying 'This is promising, looks like a turn is in.' She believes that Bitcoin's recent strength relative to gold could be a breakthrough moment for the cryptocurrency.
Wood sees Bitcoin and gold as potential insurance assets in a financial system facing technological disruption and counterparty risks. However, she also warned that the $83,000 level remains an important test for Bitcoin's price, with a clean break above it reinforcing its argument as an independent monetary asset.