Bitcoin · Bitcoin ETF · The Block
Bitcoin and gold move in lockstep as debasement trade gains more steam
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Bitcoin’s 90-day Pearson correlation coefficient with gold reached an all-time high, and the 30-day metric reached a yearly high of 0.8.
Key facts
- Meanwhile, the Fear and Greed Index measures market sentiment on a 0-100 scale, with 0 being fearful and 100 being greedy
- In Q4 2022, BTC-gold correlation rose from roughly 0 to 0.5
- Bitcoin’s 90-day Pearson correlation coefficient with gold reached an all-time high, and the 30-day metric reached a yearly high of 0.8
- In 2020, bitcoin gained 172% after its gold correlation reached 0.6 and subsequently dropped
Summary
This recent price appreciation in bitcoin and gold has been fueled by the debasement narrative. Both gold and bitcoin ETFs have been among the strongest, with both ETFs in the top 10 by inflow. The bitcoin and gold correlation spiked previously in Q4 2020 and Q4 2022. In 2020, bitcoin gained 172% after its gold correlation reached 0.6 and subsequently dropped.