Glassnode reports Bitcoin short-term correlation with gold turns negative

Key Takeaways

• Bitcoin’s short-term (30-day) correlation with gold is now negative at -0.53, according to Glassnode.
• This is a significant change from the long-term (365-day) correlation, which is still modestly positive at 0.65.

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Bitcoin’s short-term correlation with gold has turned negative, reaching -0.53 over a 30-day period, according to data from blockchain analytics firm Glassnode.

The shift marks a departure from Bitcoin’s longer-term relationship with the precious metal, which remains modestly positive at 0.65 over a 365-day timeframe.

The negative correlation indicates that Bitcoin and gold have been moving in opposite directions in recent weeks, contrasting with their historically similar price movements during periods of market uncertainty.

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