Bitcoin Moves Closer to Gold As Equity Ties Fade
The 90-day correlation between Bitcoin and gold reached its highest level since November 2020 as market sentiment shifts.
Updated on Oct. 15, 2026 in Stock Markets
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As of mid-September 2026, Bitcoin's 90-day rolling correlation with gold peaked at 55% before settling at 51%. This trend highlights a growing preference among investors to use alternative assets as a hedge against financial market risks.
Why it matters
Investors are increasingly diversifying away from high equity market valuations to protect wealth against currency debasement. This shift suggests a change in how market participants view Bitcoin relative to traditional stock indexes and safe-haven assets.
Bitcoin's correlation with the S&P 500 and Nasdaq-100 currently sits at approximately 40%, a significant decline from the 62% high recorded in February 2026. Meanwhile, gold prices remain elevated at over $4,100 per ounce.
The players
United States Treasury
The cabinet-level department of the federal government responsible for managing public debt and enforcing financial regulations.
The details
The divergence between crypto assets and major equity indexes was accelerated by the US Treasury's bond buyback program aimed at capping longer-dated yields. In the week following that announcement, Bitcoin posted a weekly gain exceeding 20%, while gold saw a 5% increase.
Timeline
November 2020: The previous high point for Bitcoin and gold correlation.
February 2026: Bitcoin correlation with equity indexes reached a 62% peak.
June 2026: The rising correlation trend between Bitcoin and gold began.
Mid-September 2026: The Bitcoin and gold correlation reached a peak of 55%.
Market Dynamics
This transition mirrors historical patterns where assets decouple from equities during periods of heightened fiscal policy intervention. The move aligns with cycles where investors prioritize inflation-resistant assets over broad market growth strategies.
Retail investors may need to adjust portfolio risk assessments as Bitcoin increasingly behaves like gold rather than high-growth tech stocks. This shift impacts how investors approach diversification strategies when balancing digital assets against traditional equity holdings.
The takeaway
The tightening relationship between Bitcoin and gold highlights a broader attempt by investors to hedge against persistent economic uncertainty. Keeping an eye on correlation shifts can help you understand whether your portfolio is truly diversified across different asset classes.
Further reading
For more context on recent trends, visit our Stock Markets section.
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