Bitcoin (BTC) has a 90-day correlation with Nasdaq falling to 33%, while its correlation with gold rises to over 50%.
This development suggests the market is viewing Bitcoin as closer to a scarce asset and a store of value, even though BTC has not yet been able to replace gold’s role.
MAIN CONTENT
The 90-day correlation between Bitcoin and Nasdaq falls from above 60% to 33%.
The correlation between Bitcoin and gold increases to over 50%.
Over the past five weeks, Bitcoin is up by about 22.2%, while gold is up by 13.3%.
Changpeng “CZ” Zhao believes Bitcoin could outperform gold in the next bull cycle.
The correlation between Bitcoin, Nasdaq, and gold has changed
Bitcoin is being traded more like gold than before, while the link to Nasdaq has weakened significantly.
For most of the past year, Bitcoin has moved fairly close to Nasdaq, reinforcing the view of BTC as a technology asset. However, the 90-day correlation between the two assets has fallen from over 60% to 33%.
On the other hand, the correlation between Bitcoin and gold has risen to over 50% after a long period of being quite detached. This doesn’t mean Bitcoin has become gold, but it shows that the way the market prices the two assets has become more similar.
Chart: 90-day correlation level between Bitcoin and Nasdaq 33%, down from over 60% Correlation between Bitcoin and gold Over 50% Bitcoin’s gain over five weeks About 22.2% Gold’s gain over five weeks About 13.3%
Source: Grayscale
Bitcoin is still more volatile than gold
Bitcoin has grown more than gold during the referenced period, suggesting BTC remains the more sensitive version in the same trading trend.
Over five weeks, Bitcoin rose by about 22.2%, compared with gold’s 13.3% gain. If this trend continues, Bitcoin could reinforce its position as a scarce asset while still keeping the characteristic of stronger price swings than is typically seen in gold.
Source: TradingView
The remaining gap in scale is still a major barrier
Gold still has a bigger advantage than Bitcoin thanks to the pricing, custody, and reserve-management systems built by governments over decades.
Changpeng “CZ” Zhao said at Bitcoin Asia 2026 in Hong Kong that Bitcoin could surpass gold in the next bull cycle. However, he also believes the transition to Bitcoin will happen gradually, even if the market may change faster.
I think Bitcoin will soon surpass gold. That could happen in the next bull cycle.
– Changpeng “CZ” Zhao, founder of Binance
Gold is still about 10 times larger than Bitcoin, even though the gap has narrowed. CZ also said he usually recommends that governments build crypto reserves, in which Bitcoin makes up about half of the allocation.
Bitcoin will certainly become more important than gold.
– Changpeng “CZ” Zhao
Bitcoin’s role as a store of value will depend on how institutions approach it
Bitcoin could move closer to the role of a reserve asset if the link to Nasdaq continues to weaken and the correlation with gold keeps improving.
Over the years, Bitcoin has been caught between two perspectives: a high-volatility technology asset and a store-of-value asset. Changes in market correlation may make this boundary clearer, but not enough to confirm that BTC has replaced gold.
Scarcity, transferability, and an increasingly developed institutional platform are factors supporting the Bitcoin thesis. However, gold still holds the advantage in terms of its long usage history and the reserve infrastructure.
Frequently asked questions
What is Bitcoin’s correlation with Nasdaq right now?
The 90-day correlation between Bitcoin and Nasdaq has fallen to 33%, from a level above 60%.
How has the correlation between Bitcoin and gold changed?
The correlation between Bitcoin and gold has risen to above 50% after a long period of being more separated.
Is Bitcoin becoming digital gold?
The available data suggests Bitcoin is being traded more like gold, but it’s not yet possible to confirm that BTC has become gold or replaced gold’s role.
How much have Bitcoin and gold risen in the past five weeks?
Bitcoin is up by about 22.2%, while gold is up by 13.3% over this period.
What is the biggest barrier for Bitcoin to overtake gold?
Gold has the advantage thanks to its scale—about 10 times larger—and the pricing, custody, and reserve-management systems that have been built over decades.
Summary
Bitcoin is showing a clearer correlation move with gold and is still rising more strongly than gold during the referenced period. However, the long-established scale and reserve infrastructure continue to help gold maintain an advantage over BTC.
Source: https://tintucbitcoin.com/bitcoin-roi-xa-nhom-co-phieu-cong-nghe-tien-vao-lanh-dia-vang/
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