Bitcoin Gold Correlation Hits 6-Year High as Nasdaq Link Fades
Bitcoin Gold Correlation Surges While Bitcoin-Nasdaq Ties Weaken
Bitcoin Gold Correlation data has become one of the more closely watched charts in markets this week after new research showed BTC trading more like a monetary hedge than a tech-linked risk asset.
The shift comes right as its relationship with the Nasdaq 100 has weakened to levels not seen in twelve months.
What The New Data Actually Shows
According to a research note from Bitwise Asset, the 90-day rolling reading between BTC and the metal has climbed to around +0.50, a level not seen since the 2020 pandemic era and more than double where it stood at the start of the year.
The figure reached similarly high levels at both moments when the government intervened heavily in the macro picture, suggesting the pattern is not a coincidence.
Over the same window, the tech index reading has fallen to roughly +0.30, its lowest print in a full year, pointing to a genuine loosening of the link between crypto and traditional tech stocks.
Why The Treasury's Own Announcement Matters Here
This surge in Bitcoin Gold correlation accelerated shortly after the US Treasury confirmed on August 19 that it would increase the maximum size of its long-dated bond buyback operations from $2 billion to at least $4 billion per operation, effective September 9.
Bitwise's research frames the move as a signal of growing financial repression, noting BTC posted its largest weekly gain since March 2024 in the days that followed, while the metal rose alongside it even as broader stocks declined, according to WuBlockchain's coverage on X.
Key figures behind the shift include:
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The metal-linked reading near +0.50, the highest level since 2020
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Tech index reading down to roughly +0.30, a one-year low
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Treasury buyback size doubled from $2 billion to at least $4 billion per operation
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Weekly gain following the announcement marked its strongest since March 2024
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Metal prices gained roughly 5% over the same week while broader equities fell
Reading Snapshot
| Metric | Current Level | Context |
| 90-day reading versus the metal | Around +0.50 | Highest since the 2020 pandemic |
| 90-day reading versus the Nasdaq 100 | Around +0.30 | Lowest in a full year |
| Treasury long-dated buyback size | $4 billion per operation | Doubled from $2 billion, effective September 9 |
| Range considered "low or none" | Between -0.5 and +0.5 | Per Bitwise's own chart notes |
Source: The Kobeissi Letter on X
Why Investors Are Treating This As A Meaningful Shift
Bitwise argues that when broader macro conditions become serious enough, investors stop choosing between the metal and crypto for debasement hedges and instead lean on both at once.
The research also points out BTC remains negatively linked with the US Dollar Index, reinforcing the idea weakness in the currency tends to lift both hard assets together.
This combination of a rising bond with one benchmark and a falling bond with equities as evidence the asset is increasingly being priced as money rather than a leveraged technology bet.
What This Could Mean Going Forward
If this Bitcoin Gold Correlation trend holds, Bitwise suggests the asset could eventually get repriced against a much larger, roughly $30 trillion pool, rather than the smaller venture and crypto-native capital that has shaped its valuation for most of its history.
That would represent a meaningful shift in how it gets benchmarked, though the research is careful to note current behavior does not guarantee a permanent change.
Conclusion
This wave of Bitcoin Gold Correlation data captures a genuine and measurable shift in how markets are pricing BTC relative to both the metal and traditional equities following the Treasury's own confirmed policy change.
With the reading against the metal sitting near a six-year high and the tech stock link at a one-year low, the coming months should show whether this pattern strengthens further or fades as macro conditions evolve.
Disclaimer
This content covers financial markets and is for general information only. It is not financial, investment, trading, or legal advice. Crypto assets are volatile and can lose value fast. Always do your own research. Speak with a licensed financial advisor before making investment decisions.
