The Kobeissi Letter: 90-Day Correlation Between Bitcoin and Gold Hits 0.50

The Kobeissi Letter reported that the 90-day correlation between Bitcoin and gold has risen to +0.50, nearly matching the record high set during the 2020 pandemic and more than doubling since the start of the year. This acceleration followed the U.S. Treasury's August 19 announcement to double its long-term Treasury buyback program to $4 billion. Meanwhile, Bitcoin's 90-day correlation with the Nasdaq 100 has dropped to approximately 0.30, marking a one-year low, as investors increasingly utilize both assets as hedges against currency devaluation.