Bitcoin’s Digital Gold Narrative Faces Short-Term Pressure

New market data suggests that Bitcoin’s reputation as “digital gold” may be under threat in the short term. According to on-chain analytics firm Glassnode, the 30-day correlation between Bitcoin and Gold has turned negative, signaling that the two assets have recently been moving in opposite directions.

The correlation metric, often used in statistics, measures how closely two variables move together. A value near 1 indicates a strong positive relationship, while a value near -1 reflects a strong negative correlation. A reading around zero means there is no meaningful connection between the two.

Short-Term Divergence vs. Long-Term Alignment

Glassnode’s chart shows that Bitcoin’s correlation with Gold has dropped to -0.53 on the 30-day timeframe, marking a pronounced divergence. The 90-day correlation is also mildly negative, while Gold has surged on a rally and Bitcoin remains trapped in consolidation.

This short-term decoupling challenges the narrative of Bitcoin as a safe-haven asset similar to Gold. However, the long-term picture remains intact. The 365-day correlation between the two assets stands at a solid positive level of 0.65, indicating that Bitcoin and Gold still move together over extended periods.

What Comes Next for Bitcoin?

The key question now is whether this short-term divergence is temporary or the start of a deeper shift. If Bitcoin manages to re-align with Gold in the coming months, the “digital gold” narrative may remain strong. Otherwise, its safe-haven status could face renewed scrutiny.

BTC Price Update

Bitcoin has shown signs of recovery, with its price climbing back to around $114,500. Whether this momentum can bring it back in step with Gold remains to be seen.