The 90-day correlation between Bitcoin and gold has reached its highest level in nearly six years, Bitwise European Head of Research André Dragosch said in a client memo. Bitcoin rose 22.4% in a week, its largest weekly gain since March 2024, while gold gained about 5% and stock markets declined. Bitwise said a similar pattern last appeared in 2020, when governments and central banks implemented fiscal and monetary stimulus measures during the COVID-19 crisis. Bitwise also noted that, based on its 90-day indicator, Bitcoin showed a negative correlation with the U.S. dollar index as of the end of August, suggesting dollar weakness benefited both Bitcoin and gold.