Bitcoin’s 90-day correlation with the Nasdaq 100 has fallen from above 60% to about 33%, while its correlation with gold has risen from near zero at the start of the year to more than 50%, according to Grayscale Head of Research Zach Pandl. The shift suggests investors are refocusing on Bitcoin’s scarcity and store-of-value role, with the “debasement trade” — buying scarce assets to hedge fiat currency debasement — showing signs of returning. The change comes as U.S. federal debt has surpassed $40 trillion and long-term Treasury yields have moved notably higher, pushing investors to seek hedges against deteriorating fiscal and monetary fundamentals. Grayscale said Bitcoin, created after the 2008 financial crisis with no central issuer and a fixed supply cap, may be entering a more favorable market environment alongside gold as a scarce and liquid alternative asset.