What’s worth watching is not how much it has risen again, but that $BTC has started moving in the same direction as gold again.
Bitwise data as of August 31: the 90-day correlation pushed to around +0.5, marking only the second time on record it has reached this range; the last time was during the 2020 stimulus wave. Over the same period, its correlation with the Nasdaq 100 fell to around a one-year low (about 0.3).
The background is also hardening: U.S. debt has crossed roughly $40 trillion; on August 19, the Treasury Department announced that starting September 9, liquidity buybacks for 10- to 30-year bonds would be raised from about $2 billion per operation to at least $4 billion. The hard-asset trading logic has been reopened—not that "$BTC has become gold," but that under the de-dollarization/fiscal pressure narrative, the two are being used together as hedges.
My take: the rise in correlation suggests the pricing anchor is shifting; don’t jump straight to “safe-haven confirmed.” $BTC volatility is still far higher than gold. Glassnode also notes that historically, sudden decoupling from stocks is often short-lived. First see whether the correlation can hold, then talk about the narrative.
Source: compiled from X trending topics; fact-checking can be found in public reports from Bitwise / Bitcoin.com News and others.
Does not constitute investment advice.