Bitcoin and Gold are diverging sharply — and fast. On-chain analytics firm CryptoQuant flagged on X that the correlation coefficient between the two has plunged to -0.88, the weakest reading since November 2022.
What that number means: the correlation coefficient ranges from +1 (assets move together) to -1 (assets move exactly opposite). A value near zero indicates no meaningful relationship. At -0.88, BTC and Gold are currently exhibiting a strong inverse relationship — when one rises, the other tends to fall.
CryptoQuant’s chart shows the shift clearly. Bitcoin and Gold tracked each other to a notable degree in the first half of 2025, but the relationship broke down in the second half of the year. That divergence has accelerated through 2026, culminating in the recent sharp negative spike. The report attributes the move largely to a parabolic rally in Gold while Bitcoin has entered a bearish phase.
This is the first time the correlation has been this negative since November 2022, when Bitcoin hit its bear-market low after the FTX collapse. The development poses a challenge to the narrative of Bitcoin as “digital gold,” at least in the short term: rather than mirroring Gold’s safe-haven behavior, BTC is currently moving in the opposite direction.
Market snapshot: Bitcoin is trading around $70,500, down about 5% over the past 24 hours. Analysts and traders will be watching whether this inverse relationship persists or if macro factors eventually realign the two assets.
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