Bitcoin Performance Analysis: The Narrative of Digital Gold is Strengthening!!!
Since December 31, 2023, Bitcoin (BTC) has cumulatively fallen by about 1.5%, performing between gold's rise of 24% and the Nasdaq 100 index's decline of over 7%. Overall, although Bitcoin has certain technological attributes, its trend has gradually leaned towards the positioning of digital gold—however, it has not yet completely decoupled from the logic of tech stocks.
By observing the 30-day moving average correlation coefficient of Bitcoin:
The correlation between BTC and gold has reached 0.70, indicating high synchronization;
The correlation with the Nasdaq 100 index is 0.53, showing a significantly weaker association.
(Note: The correlation coefficient ranges from 1 to -1, representing strong positive correlation and strong negative correlation, respectively.)
It is worth mentioning that last week BTC rose nearly 10% in a single week, marking the strongest weekly increase since November 17 of last year when Trump won the election.
Meanwhile, the aggressive tariff policies continuously promoted by Trump are exacerbating global economic uncertainty, providing a new supportive backdrop for the demand for safe-haven assets.
In the short term, if macro pressures persist, the digital gold logic of Bitcoin is expected to be further reinforced by the market.
