Is Bitcoin Becoming Digital Gold? Correlation with Gold Strengthens

The question of whether Bitcoin is evolving into a digital gold equivalent is resurfacing as the correlation between the two assets has climbed. Data from CoinMetrics shows the 30-day rolling correlation between Bitcoin and gold has moved from 0.2 in June to 0.5 in recent weeks. Traders said the shift reflects a broader rotation into store-of-value assets during the current macro uncertainty. 'Bitcoin is behaving more like a portfolio hedge in this cycle, not a risk-on bet,' one crypto fund manager said. The relationship will be tested during the next sharp equity selloff, several traders added.