Bitcoin correlation with gold tops 50% as Grayscale sees possible debasement trade return

Grayscale's research found that Bitcoin's 90-day correlation with gold rose from near zero at the start of the year to above 50%. Bitcoin's correlation with the Nasdaq 100 fell from more than 60% to roughly 33%. Zach Pandl said the shift may reflect renewed investor focus on Bitcoin's scarcity. Pandl also cited Bitcoin's monetary independence and store-of-value role. Pandl said Bitcoin can serve as a scarce, liquid alternative alongside gold when investors reassess fiat currencies' long-term purchasing power. He did not provide a specific price target. Grayscale framed the change as a possible return of the debasement trade. The article said US federal debt has passed $40 trillion. Gold has been on an extended bull run this year. The article said Bitcoin's rising correlation with gold may indicate that some investor flows are extending into digital assets. Pandl said Bitcoin and other scarce digital assets may be entering a more favorable market regime. Grayscale's research has also linked Bitcoin's price action to the debasement trade. The research finding reflects Grayscale's view rather than a realized market outcome. Correlation measures how assets moved together in the past, and a 90-day rolling window can change quickly when market conditions shift. Grayscale has previously highlighted periods when Bitcoin tracked technology stocks more closely than precious metals.