[Analysis] "Rising Correlation Coefficient between Gold and Bitcoin... Decoupling from US Stock Market"

An analysis has emerged indicating that the correlation between gold and Bitcoin (BTC) is continuously strengthening.

Oinonen_t, a contributor to CryptoQuant, stated on the 24th, "The correlation between gold and Bitcoin is gradually strengthening," adding, "The correlation coefficient has risen from minus (-) 0.62 earlier this month to minus 0.31 currently." A correlation coefficient closer to 1 indicates a stronger correlation.

On the other hand, the correlation between Bitcoin and the US stock market is weakening. Oinonen_t pointed out, "The correlation coefficient between Bitcoin and the S&P 500 index has fallen from 0.88 at the end of last year to 0.77 currently," and "The correlation coefficient with Nasdaq has also decreased from 0.91 in January this year to 0.83 currently."

Oinonen_t emphasized the similarity between gold and Bitcoin. He stated, "Bitcoin is an asset with scarcity like gold," and "Generally, the price of Bitcoin tends to follow the trend of gold prices with a few months' lag." He added, "If the decoupling from the US stock market continues, gold could serve as a leading indicator for Bitcoin."