Bitcoin-Gold Correlation Nears 6-Year High

Bitcoin-gold correlation nears a six-year high as gold and BTC move together amid currency debasement concerns and Treasury shifts.

• Bitcoin-gold correlation reached +0.50, approaching the strongest reading seen during the 2020 pandemic market and recent cycle peaks.
• Bitcoin’s gold correlation has more than doubled this year, while Nasdaq correlation has fallen toward 0.30, marking a clear divergence.
• Treasury buyback changes coincided with stronger Bitcoin-gold alignment as investors watched debt-market risks and liquidity conditions.

Bitcoin-gold correlation has reached +0.50, bringing Bitcoin closer to gold’s market behavior as investors reassess traditional hedges amid renewed currency debasement concerns across markets and shifting Treasury-market conditions.

Bitcoin and gold move closer

The chart shows Bitcoin’s 90-day correlation with gold reaching about +0.50. That reading approaches the high recorded during the 2020 pandemic. It also stands above the roughly +0.30 level seen after the 2022 bear market.

Source: X

The Kobeissi Letter reported the correlation more than doubled since early 2026. The post linked the latest acceleration with an August 19 Treasury announcement. That announcement doubled long-dated debt buybacks from $2 billion to $4 billion.

Bitcoin as of writing traded near $79,600 according to coinmarketcap. Recent trading followed a move above $81,000 earlier in September. The price data shows Bitcoin remaining sensitive to broader market developments.

The chart covers data from April 2015 through August 2026. Its latest rise marks a clear change from several weaker correlation periods. Bitcoin and gold previously moved independently across much of the chart.

Treasury policy changes the market backdrop

The August 19 Treasury announcement focused attention on long-dated government debt. Larger buybacks can support market liquidity and improve Treasury-market functioning. They do not amount to Federal Reserve quantitative easing.

The Kobeissi Letter connected the correlation increase with that Treasury announcement. The report also noted continued pressure around government debt markets. Ten-year Treasury yields remained elevated during the period.

Gold has long served as a hedge during currency concerns. Bitcoin has increasingly attracted similar attention because of its limited supply. Their rising correlation shows investors are sometimes trading both assets together.

The relationship remains statistical rather than guaranteed. A 90-day correlation of +0.50 still leaves substantial price differences. Correlations can change quickly when liquidity and risk preferences shift.

Bitcoin separates from technology stocks

Bitcoin’s 90-day correlation with the Nasdaq 100 has fallen toward 0.30. The figure represents a one-year low based on the cited market data. That decline contrasts directly with Bitcoin’s stronger relationship with gold.

The shift changes Bitcoin’s recent market profile. Bitcoin previously traded closely with technology shares during major risk-on and risk-off periods. The latest data shows that relationship weakening as gold alignment increases.

The Kobeissi Letter described both Bitcoin and gold as currency-debasement hedges. That framing places monetary concerns alongside traditional risk-asset positioning. It also separates the current setup from a purely technology-led Bitcoin trade.

For markets, the data keeps attention on gold, Treasury yields and Bitcoin. The current relationship does not establish a permanent trading pattern. However, the chart shows a clear increase in Bitcoin-gold alignment during 2026.