Bitcoin Is Starting to Act a Lot Like Gold
Sep 6, 2026
Bitcoin's correlation with gold just hit its highest level in nearly six years, while its link to the Nasdaq keeps fading. Here's what that shift might mean.
Something interesting is happening with Bitcoin's price behavior. According to The Kobeissi Letter, citing analysis from Bitwise Asset Management based on Bloomberg data, Bitcoin's 90-day rolling correlation with gold has climbed to around +0.50, the highest it's been in almost six years.
Less Nasdaq, more gold
At the same time, Bitcoin's correlation with the Nasdaq has dropped to a one-year low. For a long time, Bitcoin traded like a tech stock, rising and falling with the same risk-on sentiment that moves growth equities. That relationship seems to be loosening up.
Why it matters
If Bitcoin is genuinely starting to behave more like a store-of-value asset and less like a leveraged tech bet, that's a big narrative shift. Gold has always been the go-to hedge during uncertain times, and if Bitcoin starts sharing that role, it could attract a different type of buyer altogether. It's still early days, but this is a trend worth watching closely over the next few months.