Bitwise: The 90-day correlation between Bitcoin and gold has reached its highest level in nearly six years

Bitwise's Head of Research for Europe, André Dragosch, pointed out in a client memo that the 90-day correlation between Bitcoin and gold has reached its highest level in nearly six years. Bitcoin rose by 22.4% in a week, marking the largest weekly gain since March 2024, while gold increased by about 5%, and the stock market declined. The last time similar data appeared was in 2020, when governments and central banks around the world implemented fiscal and monetary stimulus measures in response to the COVID-19 pandemic crisis. Bitwise noted that according to its 90-day indicator, as of the end of August, Bitcoin had a negative correlation with the US dollar index, which means that a weakening dollar would be beneficial for Bitcoin and gold.