Bitcoin is showing a notable shift in its relationship with traditional assets. According to Zach Pandl, Head of Research at Grayscale, one of the largest digital asset managers, Bitcoin's 90-day correlation with the Nasdaq has fallen from more than 60% to roughly 33%, while its correlation with gold has climbed from near zero at the start of the year to above 50%.

Correlation measures how closely two assets' prices move together, with readings near zero indicating little relationship and readings toward 100% indicating closely aligned price action. The changing figures suggest Bitcoin, the largest cryptocurrency by market value, is becoming less tied to technology stocks and increasingly behaving like a monetary asset.

Store-of-Value Narrative Strengthens

Pandl said the shift reflects a renewed focus on Bitcoin's scarcity, its monetary independence, and its role as a store of value.

That framing matters because Bitcoin has often traded like a risk asset during periods when investors are focused on equities and broader liquidity conditions. A stronger link with gold places more emphasis on the asset's limited supply and its appeal in conversations about inflation risks, fiscal deficits, and currency debasement, while also highlighting how Bitcoin can be discussed in the same macro context as other scarce assets.

As investors become more concerned about fiscal deficits, inflation risks, and currency debasement, scarce assets such as gold and Bitcoin may attract greater attention. A stronger correlation with gold could indicate that investors are increasingly viewing Bitcoin as a hedge rather than simply a high-growth risk asset.

The trend marks a notable change in Bitcoin's market behavior, as Cointelegraph noted in a post on X on August 28, 2026:

UPDATE: Bitcoin's correlation with Nasdaq has dropped from over 60% to roughly 33% while its correlation with gold has climbed above 50%. This signals a shift toward its role as a scarce store of value, per Grayscale Head of Research Zach Pandl. pic.twitter.com/8DnrUMvAwL

— Cointelegraph (@Cointelegraph) August 28, 2026

A Different Market Regime May Be Emerging

The latest data on Bitcoin's correlation with gold suggests that macroeconomic themes are playing a larger role in driving investor sentiment.

For market participants, the key point is not just the move in one correlation reading, but the broader signal that Bitcoin's relationship with other major assets can change as conditions shift. That makes the 90-day window worth watching alongside new data on institutional adoption, inflation expectations, and equity market performance.

If Bitcoin continues decoupling from the Nasdaq while moving more closely in line with gold, it could reinforce the cryptocurrency's long-term position as a digital store of value. Investors will be watching whether the trend continues as institutional adoption and macroeconomic uncertainty evolve.