Bitcoin (BTC) has seen its 90-day Nasdaq correlation fall to 33% as its gold link moved above 50%, while Binance co-founder Changpeng “CZ” Zhao says it could eventually overtake bullion.
Key Points:
- Bitcoin’s 90-day correlation with the Nasdaq has fallen to 33%, down from above 60%.
- Its correlation with gold has climbed above 50%, while Bitcoin gained 22.2% over the past five weeks against gold’s 13.3%.
- Zhao says Bitcoin could overtake gold in the next bull cycle, although he expects governments to move more gradually.
Bitcoin Correlation Shift
Bitcoin spent much of the past year moving closely with the Nasdaq, reinforcing its reputation as a high-beta technology trade, but recent Grayscale data shows that relationship weakening sharply.
The cryptocurrency’s 90-day Nasdaq correlation dropped from more than 60% to 33%, while its correlation with gold moved above 50% after remaining much lower for much of last year.
The shift does not make Bitcoin equivalent to gold, but it suggests traders are increasingly treating the two scarcity assets in similar ways.
Bitcoin has also delivered stronger recent gains. Over the past five weeks, BTC rose about 22.2%, compared with a 13.3% increase for gold, preserving the larger price swings that have long distinguished the cryptocurrency from the traditional safe-haven asset.
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CZ Gold Outlook
Speaking at Bitcoin Asia 2026 in Hong Kong, Zhao said Bitcoin could eventually overtake gold as the market enters another bull cycle. “I think Bitcoin will overtake gold pretty soon… In the next bull run, it could happen.”
Gold remains roughly 10 times larger than Bitcoin, and governments already have established systems for valuation, custody and reserve management around the metal. Zhao said that institutional transition would therefore take time, even if markets adjust faster.
He also said he regularly advises governments to build crypto reserves, with Bitcoin accounting for about half of the allocation. “Bitcoin will, for sure, become more important than gold.”
The comparison follows a year in which Bitcoin repeatedly shifted between technology-driven trading and store-of-value behavior. Its 22.2% five-week advance, stronger gold correlation and weaker Nasdaq link now put that long-running identity debate back at the center of how investors assess BTC.
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