Bitcoin Is Starting to Behave More Like Gold Something interesting is happening beneath the $BTC price action. Bitcoin’s 90-day correlation with gold has climbed to around +0.50, close to levels last seen around 2020. At the same time, BTC’s correlation with the Nasdaq has fallen to roughly 0.30, a one-year low. That shift matters. For years, Bitcoin was often treated like a high-risk tech asset. But if its relationship with gold keeps strengthening while its correlation with equities weakens, the market may be slowly changing how it values BTC. And institutional demand is still showing up. Spot Bitcoin ETFs attracted roughly $987M this week. But there’s another side to the story: long-term holders are also spending more coins, with 5-year holders averaging around 1,500 BTC spent per day. So we have two forces moving in opposite directions: → Institutions are accumulating exposure → Older holders are releasing supply → BTC is becoming more correlated with gold → Correlation with tech stocks is weakening The big question is: Is Bitcoin finally becoming a digital gold asset, or is this just another temporary shift in market correlation? 👀 $BTC $GOLD