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 theUS 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 toWuBlockchain's coverage on X. Key figures behind the shift include: The metal-linked reading near +0.50, the highest level since 2020 Tech index reading down to roughly +0.30, a one-year low Treasury buyback size doubled from $2 billion to at least $4 billion per operation Weekly gain following the announcement marked its strongest since March 2024 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.