Bitcoin’s three-month rolling correlation with gold has climbed to its highest level since 2020, according to research from Bitwise Europe Director of Research André Dragosch. The report said the move followed a macro-driven market shift in August, when rising 10- and 30-year Treasury yields were followed by Treasury Secretary Scott Bessent increasing purchases of long-dated bonds. Following that intervention, bitcoin posted its biggest weekly gain since March 2024, rising 22.4%, while gold gained about 5% week over week and stocks fell. Bitwise said bitcoin’s correlation with the Nasdaq-100 dropped to a one-year low and its correlation with the Dollar Index remained significantly negative, signaling that investors are increasingly treating bitcoin alongside gold during periods of currency debasement concerns.