Grayscale Research Note on BTC-Gold Correlation and US Debt
Grayscale Head of Research Zach Pandl notes 90-day BTC-gold correlation above 50% as federal debt exceeds $40 trillion on Aug 18.
Grayscale Head of Research Zach Pandl published a note on Aug 27 stating that Bitcoin's 90-day correlation with gold has climbed above 50% from near zero at the start of 2026, while its correlation with the Nasdaq 100 fell to approximately 33%.
Pandl describes the change as a return of the debasement trade. US gross federal debt crossed $40 trillion on Aug 18 per Treasury data. The 90-day figures are rolling and backward-looking; longer-term correlation since 2010 stays near zero.