Bitcoin is moving strongly in the opposite direction to gold as the correlation measure for the two fell to its lowest level since November 2022.
The relationship between Bitcoin and gold is the most negative in years
As noted by on-chain analytics firm CryptoQuant in X mailthe correlation coefficient of Bitcoin and gold Recently dropped. the “Correlation coefficient“Here it refers to a tool of statistics that expresses the relationship between two specific variables. In the context of assets, it basically tells us whether their prices are correlated or not.
When the indicator value is positive, it means that the price of one asset reacts to the other asset by moving in the same direction. The closer the scale is to 1, the stronger this relationship. On the other hand, a negative coefficient indicates a negative relationship between prices. That is, they move in the opposite direction. On this side of the scale, the extreme point is at -1.
There is also a third case for the indicator: its value is exactly zero. In statistics, the variables are said to be independent in such a scenario. Therefore, a scale with this value means that the two assets have no relationship at all.
Now, here is the chart shared by CryptoQuant that shows the trend in the correlation coefficient for Bitcoin and Gold over the history of the digital asset:
The value of the metric seems to have plummeted to a deep negative value | Source: CryptoQuant on X
As shown in the chart above, the correlation coefficient for Bitcoin and gold rose to a significantly positive level in the first half of 2025, indicating that the two assets were trending in a similar way. But in the second half of the year, the index collapsed, and the correlation between assets turned red.
In 2026, this trend intensifies. From the chart, it appears that the correlation coefficient has just seen a sharp negative rise, which means that Bitcoin and gold are moving against each other in a strong way.
Currently, the index value is -0.88, which is its lowest level since November 2022, when Bitcoin fell to the bottom of that year’s bear market after… FTX crash. The shift towards a negative correlation coefficient in recent months was mainly due to gold’s parabolic rise, while Bitcoin saw a bearish shift.
Historically, Bitcoin has often been viewed as the digital counterpart to gold, but the latest correlation coefficient suggests that the cryptocurrency is currently behaving in the opposite way to the traditional safe haven.
Bitcoin price
At the time of writing, Bitcoin is trading at around $70,500, down 5% over the past 24 hours.
Looks like the price of the coin has retraced some of its recovery | Source: BTCUSDT on TradingView
Featured image by Dall-E, chart from TradingView.com
Editing process Bitcoinist focuses on providing well-researched, accurate, and unbiased content. We adhere to strict sourcing standards, and every page is carefully reviewed by our team of senior technology experts and experienced editors. This process ensures the integrity, relevance, and value of our content to our readers.
