The short-term correlation between Bitcoin and gold has turned negative, putting pressure on the long-term narrative of "digital gold"?

Recently, the correlation between Bitcoin and gold has shown significant divergence, with short-term correlation turning negative, raising market doubts about the "digital gold" narrative. However, long-term data indicates that the correlation between the two remains solid.

The correlation indicator between Bitcoin and gold is an important statistical tool for measuring the degree of price association between the two assets. When the indicator value is positive, it indicates that the assets are fluctuating in the same direction; a negative value indicates that they are fluctuating in opposite directions; while a value of zero indicates that they are independent of each other. Currently, the short-term negative correlation and long-term positive correlation between Bitcoin and gold coexist, presenting a complex market dynamic.

According to the latest analysis from Glassnode, the correlation between Bitcoin and gold has turned negative over both the 30-day and 90-day time frames, with the 30-day correlation reaching a significant negative level of -0.53. This short-term divergence trend has also led to a recent price increase in gold while Bitcoin is stuck in a consolidation phase, resulting in a clear divergence in the movements of the two.

However, from a long-term perspective, the 365-day correlation remains at a significant positive level of 0.65, indicating that the long-term association between the two assets remains strong. This difference in short-term and long-term correlations reflects the market's different performances across various time dimensions.

According to historical market patterns, Bitcoin is typically viewed as a safe-haven asset similar to gold, but recent data indicates that this correlation may weaken in the short term. The market is closely watching whether these two assets will continue to diverge or if they will revert to a long-term consistent trend.

It is worth noting that Glassnode's analysis was released on Wednesday morning, when the price of Bitcoin was around $112,000. However, as of now, the price of Bitcoin has risen to around $115,000, with an increase of over 2.6%.

In summary, although the short-term correlation between Bitcoin and gold may fluctuate due to market conditions, long-term data reveals that the intrinsic relationship between the two remains solid. Investors should consider both short-term market dynamics and long-term trends when evaluating this correlation to make a more comprehensive and accurate judgment.

#比特币 # Gold