Grayscale: Bitcoin’s Correlation With Gold Rises Above 50% as the Debasement Trade Returns

Grayscale’s research arm says Bitcoin’s 90-day correlation with gold has climbed above 50% this year, while its correlation with the Nasdaq 100 has fallen from over 60% to roughly 33% — a rotation the asset manager frames as the return of the “debasement trade.” In a note published on August 27 titled “Regime Shift: Bitcoin and the Return of the Debasement Trade,” Grayscale Head of Research Zach Pandl said the shift may reflect renewed investor focus on Bitcoin’s scarcity, monetary independence and role as a store of value, according to Grayscale’s “The Stack” research series.

A Rotation Away From Tech Correlation The 90-day figures mark a sharp reversal from recent years, when Bitcoin frequently traded in step with growth stocks.

Pandl noted that Bitcoin’s correlation with the Nasdaq 100 slipped from more than 60% to about 33%, while its correlation with gold rose from near zero at the start of the year to above 50%.

The numbers are backward-looking, drawn from a rolling 90-day window, and Grayscale presents them as evidence that investors are again treating Bitcoin as a scarce monetary asset rather than a leveraged bet on technology equities.