TL;DR:
- The 90-day correlation coefficient between Bitcoin and gold reached the 0.86 level during the first week of September 2026.
- The figure marks the highest reading between both assets since mid-2020.
- Bitcoin’s 90-day statistical correlation against the S&P 500 stock index dropped to 0.18 over the same period.
According to market metrics, during the first 3 days of September, the correlation between Bitcoin and gold reached its highest level in six years after standing at 0.86.
The move coincides with a portfolio rebalancing phase among institutional investors. Over the past three months, the price of the precious metal held near all-time highs, while the leading cryptocurrency consolidated its range above $95,000.
The 90-day correlation coefficient, measured on a scale from -1 to 1, had not registered readings above 0.80 since the second quarter of 2020. At that time, global monetary expansion drove simultaneous buying across assets viewed as stores of value.
According to a technical report, this behavior reflects that large-scale investors have begun treating Bitcoin with a liquidity premium comparable to that of gold. Analysts indicate that inflows into US spot exchange-traded funds (ETFs) posted cumulative net inflows of $2.4 billion during August.
Meanwhile, Bitcoin’s relationship with traditional equities moved in the opposite direction. The correlation against the S&P 500 index retreated to the 0.18 level at the close of the September 2 trading session.
Decoupling from the S&P 500 and divergent views
The retreat in the link to US tech stocks marks a break from the dynamics observed throughout 2024 and 2025. During those years, Bitcoin posted coefficients above 0.65 relative to the tech-heavy Nasdaq 100 index.
Market analysts noted that this decoupling could stem from uncertainty surrounding the Federal Reserve’s interest rate policy. According to projections published by these researchers, the joint behavior with gold points to a temporary defensive rotation amid volatility in sovereign debt yields.
In the past six months Bitcoin has had a lower correlation to US stocks than gold, small caps, EM and even treasuries. Had to check for myself when I saw the post below. Tbf btc has always been about .40 it's gold and treasuries that have become much more correlated. Small window… https://t.co/S9bEPeQB8d pic.twitter.com/ruWFX7iZ63
— Eric Balchunas (@EricBalchunas) September 2, 2026
Nevertheless, several macroeconomic strategists cited in the report questioned the sustainability of this trend. Historical data indicates that correlation peaks between Bitcoin and gold tend to reverse swiftly once derivatives volumes refocus on crypto-native trading platforms.
Trading volume in Bitcoin futures contracts on the Chicago Mercantile Exchange (CME) averaged $4.8 billion per day in late August. This activity highlights that institutional participation continues to exert a decisive influence on price discovery.
In the physical gold market, bullion purchases by central banks totaled 180 metric tons during the second quarter of the year. The analytics firm concludes that supply absorption across both markets has flowed through parallel channels of corporate treasuries and regulated vehicles.
On September 16, 2026, the US Federal Reserve will announce its interest rate decision and update its Summary of Economic Projections, a milestone that will set global liquidity conditions heading into the close of Q3 2026.
