Bitcoin Converges with Gold, Decouples from Nasdaq 100: Is Its Portfolio Role Changing?

Bitcoin’s 90-day correlation with gold has risen to approximately +0.50, approaching its highest level since 2020, while its correlation with the Nasdaq 100 has dropped to approximately +0.30.

Bitcoin’s recent movement parallel to the Nasdaq 100 is weakening, while its similarity to gold is strengthening. In a Kobeissi Letter analysis shared by Wu Blockchain, a study by Bitwise Asset Management based on Bloomberg data revealed the opposing shift between these two assets.

The 90-day correlation measures how closely Bitcoin has moved with the daily price changes of gold or the Nasdaq 100 over the last three months. Data shows that as of August 31, 2026, the Bitcoin-gold correlation has risen to approximately +0.50. This rate is very close to the highest level seen since the 2020 pandemic and more than double the level at the beginning of the year.

Bitcoin is decoupling from the Nasdaq 100

The 90-day correlation between Bitcoin and the Nasdaq 100 has dropped to approximately +0.30. Consequently, the relationship has fallen to its lowest level in a year. While Bitcoin’s tendency to move in the same direction as the Nasdaq 100 weakens, its similarity to gold has strengthened.

This picture provides a current metric suggesting that Bitcoin’s role in investors’ portfolios may be re-evaluated.

The Kobeissi Letter noted that the relationship with gold accelerated after the U.S. Treasury announced on August 19 that it would increase the long-term bond buyback limit from $2 billion to $4 billion per operation. The analysis stated that investors have begun to increasingly view Bitcoin and gold as hedges against currency devaluation.