Grayscale says Bitcoin is decoupling from Nasdaq
Grayscale said Bitcoin’s 90-day correlation with the Nasdaq Composite has fallen from about 60% to 33%, while its correlation with gold has risen from near zero to nearly 50%.
Cryptocurrency asset management giant Grayscale noted on Wednesday that Bitcoin (CRYPTO: BTC) is gradually decoupling from technology stocks while its correlation with gold continues to rise.
Bitcoin No More Moving Like a Tech Stock? Grayscale said in an X post that Bitcoin’s 90-day correlation with the Nasdaq Composite has decreased from roughly 60% to 33%.
At the same time, its correlation with gold has increased from nearly zero to nearly 50%.
Grayscale added that the shift reflects a macro backdrop that has brought the “debasement trade” back into focus.
Bitcoin $BTC is decoupling from NASDAQ and correlating with gold. $BTC 's 90-day correlation with NASDAQ has fallen from ~60% to 33%.
Its correlation with gold has risen from near zero to ~50%.
Rising debt, persistent deficits, and higher yields are pushing investors toward… pic.twitter.com/xsaM9fJVqC — Grayscale (@Grayscale) September 2, 2026 The Scare, Liquid Alternative to Gold? Media coverage is pointing to this scenario.
Mentions of the word "debasement" appeared in more than 1,500 articles last week, the highest weekly count since January.
The renewed focus stemmed from Treasury actions under Secretary Scott Bessent to expand buybacks of long-dated bonds.
The market saw the move as inflationary and favorable for hard assets, pushing yields and the dollar index lower. “Rising debt, persistent deficits, and higher yields are pushing investors toward alternatives like Bitcoin and gold,” Grayscale added.
Grayscale added that as fiscal imbalances expand and investors question the long-term value of fiat currencies, Bitcoin can serve as a “scarce” and “liquid” alternative alongside gold.
Asset 30-Day Gains +/- Price (Recorded at 9:30 p.m.
EDT) Bitcoin +21.90% $77,569 Spot Gold +8.80% $4,416.07/Ounce Nasdaq Composite +1.17% 26,217.83 Read Also: How Bitcoin ETFs Are Changing Institutions' Appetite for Crypto It Isn’t That Simple, Say Analysts The shift comes at a time when experts discuss Bitcoin’s relationship with gold and its potential as an alternative investment.
Macro strategist Lyn Alden suggested Bitcoin may be nearing an inflection point against gold as its investor base matures.
Meanwhile, Matt Hougan, Chief Investment Officer at Bitwise, opined that Bitcoin correlates with gold only in specific regimes, behaving as an entirely different asset the rest of the time.
He added that Bitcoin’s moves are rarely driven by a single factor, even though most investors view it through a single lens at all times.
Read Also: Bitcoin, XRP Flash Bearish 'Bart Simpson' Pattern: What Does It Mean? Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published editors.
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