Bitcoin-Gold Correlation Plunges To -0.88, Lowest Since 2022

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Bitcoin is strongly moving in the opposite direction to Gold as the Correlation metric for the two has dropped to its lowest since November 2022.

Bitcoin-Gold Correlation Is At Its Most Negative In Years

As pointed out by on-chain analytics firm CryptoQuant in an X post, the Correlation Coefficient for Bitcoin and Gold has plummeted recently. The “Correlation Coefficient” here refers to a tool from statistics that expresses the relationship between two given variables. In the context of assets, it basically tells us whether their prices are linked or not.

When the value of the indicator is positive, it means the price of one asset is reacting to the other’s by moving in the same direction. The closer is the metric to 1, the stronger is this relationship. On the other hand, a negative coefficient suggests a negative correlation exists between the prices. That is, they are moving in the opposite direction. On this side of the scale, the extreme point lies at -1.

There is also a third case for the indicator: one where its value is exactly equal to zero. In statistics, the variables are said to be independent in such a scenario. Thus, the metric having this value means the two assets have no relationship whatsoever.

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 displayed in the above graph, the Correlation Coefficient for Bitcoin and Gold rose to a notable positive level in the first half of 2025, suggesting that the two assets were traveling in a similar manner. In the second half of the year, however, the indicator collapsed, with the correlation between the assets turning red.

In 2026, this trend has only intensified. From the chart, it’s visible that the Correlation Coefficient has just seen a sharp negative spike, meaning that BTC and Gold are moving against each other in a strong manner.

Currently, the indicator has a value of -0.88, which is the lowest that it has been since November 2022, when Bitcoin dropped to its bottom of that year’s bear market following the FTX crash. The shift toward a negative Correlation Coefficient in recent months has mainly come because of Gold going off on a parabolic surge, while Bitcoin has witnessed a bearish transition.

Historically, BTC has often been considered as the digital analogue to Gold, but the latest Correlation Coefficient would suggest that the cryptocurrency is currently behaving in the opposite manner to the traditional safe-haven.

BTC Price

At the time of writing, Bitcoin is trading around $70,500, down 5% over the last 24 hours.

Looks like the price of the coin has retraced some of its recovery | Source: BTCUSDT on TradingView

Featured image from Dall-E, chart from TradingView.com

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