Bitcoin's correlation with gold has reached its highest level in six years, according to new research from Bitwise Asset Management. The 90-day rolling correlation between the two assets has climbed to its strongest reading since 2020, when pandemic-era stimulus reshaped global markets. Bitwise says the shift signals a change in how investors view bitcoin, positioning it closer to gold's traditional role as a store of value during periods of macro stress.

Bitcoin's Correlation With Gold Reaches Six-Year Peak

Bitwise tracked the relationship using Bloomberg data spanning April 2015 through August 2026. The current reading matches levels last seen during the Covid-19 stimulus era — an earlier period that also featured heavy government intervention in financial markets. Correlation is a statistical measure of how closely two assets move together, ranging from -1 to +1; rolling 90-day windows are commonly used to smooth short-term noise and capture regime shifts.

August marked a turning point for the correlation. U.S. Treasury Secretary Scott Bessent stepped into the bond market after yields on 10- and 30-year Treasuries climbed, stirring concerns about financial repression and yield curve control.

Following the intervention, bitcoin posted its largest weekly gain since March 2024, rising 22.4%. Gold gained roughly 5% over the same period while equities fell. Bitwise says both assets moved together in a way that stood out statistically.

What's Driving the Bitcoin-Gold Relationship

Bitwise's official account shared the findings, noting that when macro conditions dominate headlines, investors tend to stop choosing between gold and bitcoin; instead, many allocators are buying both assets at once.

Bitcoin's correlation with gold just hit a six-year high. The last time it was this high was 2020, after the Covid stimulus. When macro dominates, many investors stop choosing between gold and bitcoin. They buy both. In this week's CIO memo, @Andre_Dragosch explains why… pic.twitter.com/YHnvXp9KN5 — Bitwise (@Bitwise) September 3, 2026

The analysis was authored by André Dragosch, the firm's Europe research director. He pointed to bitcoin's declining correlation with the Nasdaq-100, which has dropped to a one-year low — a trend that weakens the argument that bitcoin simply tracks tech stock sentiment.

Bitcoin also remains negatively correlated with the U.S. Dollar Index. Bitwise explains that dollar weakness tends to align with bitcoin strength, a pattern gold has exhibited for decades during periods of currency pressure.

Why the Six-Year High Matters for Investors

Bitwise cautions that bitcoin and gold remain different assets despite the recent convergence. Gold has served as a store of value for thousands of years, while bitcoin was created less than two decades ago. Analysts also note that rolling correlations can be unstable — readings that spike during one macro episode have historically receded once conditions normalize, as happened after 2020.

Still, the firm argues that rising correlation during stressful macro periods carries weight. Gold's market is valued near $30 trillion, built by central banks and institutional allocators over generations. If bitcoin continues moving toward this category, Bitwise suggests it could eventually be priced against a much larger capital base — a shift from its historical pricing as a venture-style risk asset toward something closer to a macro hedge. A key question for observers is whether the pattern holds in calmer markets or proves specific to the current stretch of fiscal and monetary uncertainty.

Source: Bitwise CIO Memo