Bitcoin’s correlation with gold has reached 50%, compared to just 30% with the Nasdaq, indicating a progressive decoupling from traditional risk assets. The U.S. 10-year Treasury yield has jumped to 4.79%, a level not seen since early 2025, while the Federal Reserve is set to purchase $12.5 billion in Treasury debt. Oil prices have climbed back to $90/barrel and markets are pricing in a 60% probability of a rate hike at the upcoming FOMC meeting. The XAU/BTC ratio is up 1.2% this month, signaling growing preference for Bitcoin over gold. This setup suggests that Bitcoin, with its 25% August rally, could outperform other risk assets in a generalized market selloff.
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