Bitcoin’s 90‑Day Correlation With Gold Tops 50% as Nasdaq Link Weakens

Grayscale’s latest research indicates that Bitcoin is moving more in line with gold and less with technology stocks. Over the past 90 days, the cryptocurrency’s correlation with gold climbed above the 50% mark, while its correlation with the Nasdaq 100 slipped to roughly 33%.

Gold correlation exceeds 50%

At the start of 2026, Bitcoin’s 90‑day correlation with gold was near zero. The metric has now risen to just over 50%, suggesting a moderate positive relationship during the measured period. Grayscale notes that this shift may reflect investors viewing Bitcoin as a scarce monetary asset rather than a high‑risk technology play.

Nasdaq 100 correlation declines

During the same window, Bitcoin’s correlation with the Nasdaq 100 dropped from more than 60% to about 33%. The change coincides with a period of heightened bond‑market volatility and reassessment of long‑term U.S. borrowing costs.

Context: U.S. debt and the “debasement trade”

The U.S. gross federal debt surpassed $40 trillion on 18 August, according to Treasury data. Grayscale’s analysis links the rising debt and projected fiscal deficits to renewed interest in assets perceived as resistant to fiat‑currency debasement, such as gold and Bitcoin.

Implications and outlook

The correlation figures describe recent price relationships and do not guarantee future behavior. Continued alignment with gold amid weakening tech equities would support the notion of a regime shift, while a reversal could reaffirm Bitcoin’s role as a volatile risk asset. Rolling 90‑day calculations may change as new data are added.