Bitcoin (BTC), Nasdaq correlation 60→33%...closer to gold

▲ Bitcoin (BTC), Gold/AI-generated image

Bitcoin (BTC) is moving away from Nasdaq and closer to gold. This analysis suggests that concerns about US debt and fiscal deficits are pushing Bitcoin to be considered a scarce asset rather than a tech stock.

According to Benzinga on September 2nd (local time), Grayscale stated that the 90-day correlation between Bitcoin and the Nasdaq Composite Index has fallen from approximately 60% to 33%. In contrast, the correlation with gold has risen from almost 0% to approximately 50%. This indicates that Bitcoin is increasingly moving with gold, departing from its previous trend of synchronizing with tech stocks.

The difference was also clear in recent 30-day performance. Bitcoin rose by 21.90% and spot gold increased by 8.80%. The Nasdaq Composite Index only saw a rise of 1.17%. Grayscale analyzed that this change coincided with a macroeconomic environment where interest in currency debasement trades is resurfacing.

Market interest in currency debasement has also surged. Last week, articles mentioning related phrases exceeded 1,500, marking the highest weekly count since January. When US Treasury Secretary Scott Bessent moved to expand long-term bond buybacks, the market interpreted this measure as inflationary-friendly and a positive factor for scarce assets like gold and Bitcoin. Treasury yields and the dollar index also declined.

Grayscale commented, “Rising debt, persistent fiscal deficits, and high interest rates are pushing investors towards alternatives like Bitcoin and gold.” They explained that as fiscal imbalances widen and questions about the long-term value of fiat currencies grow, Bitcoin can function as an alternative asset with scarcity and liquidity, alongside gold.

The 90-day correlation between Bitcoin and Nasdaq has decreased to 33%, while the correlation with gold has increased to approximately 50%. Recent 30-day returns also widened, with Bitcoin at 21.90%, gold at 8.80%, and Nasdaq at 1.17%, supporting Grayscale's analysis that Bitcoin is behaving more like gold than tech stocks.

[Article Key Summary]

-The 90-day correlation between Bitcoin and Nasdaq fell from approximately 60% to 33%, while the correlation with gold rose from almost 0% to approximately 50%.

-In the last 30 days, Bitcoin rose by 21.90% and gold by 8.80%, but the Nasdaq Composite Index only increased by 1.17%.

-Grayscale analyzed that the expansion of US debt and fiscal deficits is driving investors toward scarce assets like Bitcoin and gold.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*