Bitcoin-gold correlation nears six-year high, Bitwise analysis finds

Bitcoin’s 90-day rolling correlation with gold reached its highest level in nearly six years at the end of August 2026, according to a September 2 analysis from Bitwise. The firm’s chart uses Bitcoin and spot gold prices from Bloomberg through August 31, 2026.

In the same analysis, Bitwise said Bitcoin’s 90-day correlation with the Nasdaq-100 Total Return Index had fallen to a one-year low. Its charts describe a measured relationship over a particular window, not a permanent change in how Bitcoin trades.

What the comparison shows

A correlation measures how closely two assets’ prices have moved together. It does not show why they moved or guarantee they will keep moving together. Bitwise argues that Bitcoin may behave more like gold when concerns about currency value dominate markets. That is the firm’s interpretation, not a conclusion proven by the correlation alone.

Bitwise’s published discussion does not provide a precise percentage for either correlation in the text. This article therefore does not repeat the previously reported gold-above-50% and Nasdaq-about-33% figures. Investors would need the underlying time series and a fixed calculation method to independently reproduce those values.

What to watch

Future rolling data could show whether the relationship persists as market conditions change. Bitcoin, gold, and technology stocks can still move differently from one another, and a single 90-day window does not establish Bitcoin as a reliable hedge.