Just now: Bitcoin versus gold, JPMorgan reveals a historic decoupling.

According to a memo released by JPMorgan to investors, the correlation between Bitcoin (BTC) and gold has broken down under the pressure of the Iran conflict. While geopolitical instability typically drives a unified demand for safe-haven assets, these two assets are currently moving in opposite directions.

This decoupling highlights a significant shift in how capital perceives "digital gold" compared to traditional physical assets.

Rather than acting in tandem as crisis hedges, investors have been reallocating capital significantly, creating clear winners in the ETF market since late February.

This divergence occurs against the backdrop of Bitcoin's 0.80 correlation with the Nasdaq 100 index in early 2026, indicating that the asset is performing more like a speculative tech stock than a traditional safe-haven asset.