Bitcoin Now More Correlated to Gold Than U.S. Equities -- Market Talk

1221 GMT - Bitcoin has become more closely correlated to gold prices than U.S. stocks for the first time since late 2020, Block Scholes Thahbib Rahman says in a note. The 90-day rolling bitcoin-gold correlation sits at 51%, around highs reached in November 2020 when the Covid-19 pandemic led to fiscal and monetary stimulus, he says. The move higher started in June and accelerated in August after the U.S. Treasury announced increased buybacks of long-term debt to curtail yields, he says. In contrast, bitcoin's correlation to U.S. equities, which it has tracked more closely over the past few years, has begun to wobble. The 90-day correlation has fallen to 40% from 62% in February. Bitcoin falls 1.1% to $80,815, according to LSEG. (renae.dyer@wsj.com)

(END) Dow Jones Newswires

October 15, 2026 08:21 ET (12:21 GMT)