The prices of Bitcoin and gold have reached their highest point in six years. This number itself is enough for the market to re-examine the positioning of Bitcoin - whether it is really moving closer to the narrative of "digital gold" and is no longer just dancing up and down with the Nasdaq index.
However, according to The Block, the analysis platform Glassnode is not buying into the decoupling trend between Bitcoin and U.S. stocks. Glassnode pointed out that similar divergences have occurred in the past, but each time ultimately proved short-lived, and Bitcoin would later catch up with the rhythm of the stock market.
In other words, the record high correlation between Bitcoin and gold is the most eye-catching number these days, but Glassnode wants to remind you of another thing: the action of decoupling itself has never lasted for long in history. The material does not provide specific correlation coefficient values and time intervals, and it is still necessary to pay attention to subsequent official data updates.
