Bitcoin’s 90-day price correlation with gold has reached +0.56, its highest level since most data providers started measuring it in January 2017, surpassing its prior record of +0.5 in November 2020. Over the same period, bitcoin’s correlation with the Nasdaq 100 index fell to approximately +0.30, a one-year low. This dynamics was confirmed by a major event: when US Treasury Secretary Scott Bessent launched QE Lite by buying back billions of dollars in long-dated bonds, gold rose 4.6%, bitcoin surged 9.2%, and silver and platinum both climbed 6% within 24 hours, while Nasdaq barely moved, changing by only 0.6%. Bitwise Asset Management noted that the argument that bitcoin is « just a leveraged tech investment » may no longer hold true.
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