Bitcoin Gold Correlation Hits 3-Month High

Bitcoin has begun to move in tandem with traditional safe-haven asset gold this month as investors look elsewhere to park their funds

article-image

Wit Olszewski/Shutterstock.com modified by Blockworks

share

The relationship between bitcoin and traditional safe-haven asset gold has risen to a three-month peak as fresh capital in both begins to slow.

Prices for bitcoin (BTC) and the yellow metal have declined week over week since Feb. 1, while traditional equities — reflected in the S&P 500 — continue their uptrend.

Both assets experienced a surge in January before enduring a slowdown in February — a month in which interest rate expectations increased following a robust US jobs report. 

Bitcoin, often viewed as a high-beta version of gold, has outperformed gold this year with a ratio between the pair rising to its highest level since the fall of crypto exchange FTX.

The weekly correlation coefficient between the two assets remains mildly positive, at 0.59, with uncertainty over whether they’ll continue to move in tandem expected for the remainder of the quarter, research platform Kaiko said Monday

Gold was last seen changing hands for roughly $1,854 per Troy ounce — up around 1.7% year to date. Bitcoin’s price, meanwhile, is hovering around $21,800 — up 31% so far in 2023.

Increasing short-term strength of the US dollar and ongoing inflationary pressures continue to clamp down on this year’s bullish momentum around digital assets and the precious metal.

Last week, industry participants pointed to the SEC’s move to charge crypto exchange Kraken over its US staking products as adding to additional sell-side pressure for the entire sector. 

The shutdown of Kraken’s staking service may open the door for a number of decentralized options, Kaiko said. Within hours of the regulator’s decision, pricing on tokens of some of the largest decentralized ether staking protocols shot up.

Traditional equities remain buoyed by strong demand this year. 

The S&P 500, as well as the Dow Jones Industrial Average, ended Monday’s trade 1% higher on the day as the correlation between stocks and digital assets begins to diverge.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (1).png

Research

Aave’s revenues have doubled from April lows and are fast approaching all-time highs. With 35% of borrow interest coming from ETH and 55% from stablecoins, Aave is emerging as a powerful proxy as an ETH and stablecoin beta. As looping strategies accelerate growth and Horizon positions the protocol to ride the RWA wave, Aave is shaping up as one of DeFi’s most compelling multi-narrative plays.

article-image

Private testnet aims to deliver low-cost settlement with partners including Visa, Deutsche Bank, and OpenAI

by Blockworks /
article-image

Solana saw $78 million in REV for August

article-image

Lit Protocol’s Vincent is shifting agentic finance from toy demos to production rails

article-image

The new system aims to unify Europe’s fragmented tokenized asset settlement and cut cross-border costs

by Blockworks /
article-image

Tron slashed fees by 60% as Plasma looms, threatening its USDT moat

article-image

The acquisition adds evaluation-based funding to Kraken Pro, giving traders access to capital on performance

by Blockworks /