$BTC used to trade like it was sitting in the Nasdaq group chat.
Now it’s starting to hang out with gold more often.
Nasdaq correlation fell from above 60% to around 33%.
Gold correlation is now above 50%.
That shift matters.
Because if BTC keeps acting less like a tech proxy and more like a scarcity asset, the whole way people value it starts to change.
Not overnight.
But slowly enough that most people only notice after the narrative already moved.
Now it’s starting to hang out with gold more often.
Nasdaq correlation fell from above 60% to around 33%.
Gold correlation is now above 50%.
That shift matters.
Because if BTC keeps acting less like a tech proxy and more like a scarcity asset, the whole way people value it starts to change.
Not overnight.
But slowly enough that most people only notice after the narrative already moved.
