{"id":31997,"date":"2026-08-29T21:15:09","date_gmt":"2026-08-29T20:15:09","guid":{"rendered":"https:\/\/investx.fr\/en\/2026\/08\/29\/bitcoin-gold-correlation-nasdaq-decoupling-2020-bull-run\/"},"modified":"2026-08-29T21:15:15","modified_gmt":"2026-08-29T20:15:15","slug":"bitcoin-gold-correlation-nasdaq-decoupling-2020-bull-run","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/bitcoin-gold-correlation-nasdaq-decoupling-2020-bull-run\/","title":{"rendered":"Bitcoin Moves Closer to Gold and Away from the Nasdaq: Can It Repeat the 2020 Bull Run?"},"content":{"rendered":"\n

Bitcoin<\/strong> is sending a signal markets haven’t seen in years: its correlation with gold<\/strong> is climbing, while its link to the Nasdaq<\/strong> is collapsing. A rare decoupling that bears a striking resemblance to the setup observed just before the explosive 2020 bull run<\/strong>.<\/p>\n\n\n\n

This shift in dynamics is far from trivial. It reflects a deep change in how institutional investors<\/strong> perceive BTC<\/strong> \u2014 less as a speculative tech asset, and increasingly as a defensive store of value<\/strong>. The question that follows: can this repositioning propel Bitcoin to new all-time highs?<\/p>\n\n\n\n

On-chain data<\/strong> and correlation indicators<\/strong> are beginning to answer that question. And what they reveal deserves the full attention of both traders and long-term investors.<\/p>\n\n\n\n

The Bitcoin-Nasdaq Decoupling: A Macro Signal Traders Cannot Ignore<\/h2>\n\n\n\n

For years, Bitcoin<\/strong> moved in lockstep with US tech stocks<\/strong>. Every Nasdaq<\/strong> correction dragged BTC down with it, reinforcing the narrative of a purely speculative asset driven by risk appetite. That paradigm is now cracking.<\/p>\n\n\n\n

The correlation between Bitcoin and the Nasdaq 100<\/strong> has retreated significantly in recent weeks, according to data from TradingView<\/strong>. This move coincides with a rise in macroeconomic tensions<\/strong> \u2014 uncertainty around Fed monetary policy<\/strong>, renewed inflation fears<\/strong>, and geopolitical instability<\/strong> \u2014 all factors that traditionally push capital toward safe-haven assets<\/strong> like gold.<\/p>\n\n\n\n

And it is precisely toward gold that Bitcoin<\/a> is now gravitating in terms of correlation. This convergence suggests that BTC is beginning to be treated as a macro hedge<\/strong>, rather than a high-beta proxy for tech equities. For traders, this regime change fundamentally alters the analytical frameworks that need to be applied.<\/p>\n\n\n\n

\"Bitcoin<\/figure>\n\n\n\n

2020 as a Reference: When Bitcoin Already Played the Gold Card<\/h2>\n\n\n\n

The current setup echoes that of the second half of 2020<\/strong>. At the time, against a backdrop of zero interest rates<\/strong>, massive monetary expansion<\/strong>, and US electoral uncertainty<\/strong>, Bitcoin gradually decoupled from equity indices and began moving in sync with gold. What followed is well known: BTC surged from under $10,000 to nearly $65,000<\/strong> within a matter of months.<\/p>\n\n\n\n

The parallel is not perfect \u2014 market conditions differ, notably with interest rates still elevated and global liquidity more constrained. But several structural elements are converging: the approval of spot Bitcoin ETFs<\/strong> in the United States has institutionalized access to BTC, inflows<\/strong> remain sustained according to CoinGlass<\/strong> data, and the April 2024 halving<\/a> has mechanically reduced the available supply on the market.<\/p>\n\n\n\n

These catalysts, combined with a macro repositioning of BTC as a safe-haven asset<\/strong>, create fertile ground for a sustained recovery \u2014 provided that institutional demand<\/strong> continues to assert itself and market sentiment does not shift abruptly.<\/p>\n\n\n\n

What On-Chain Indicators Say About Current Momentum<\/h2>\n\n\n\n

Beyond correlation, on-chain metrics<\/strong> offer additional insight into the strength of this move. Data from CryptoQuant<\/strong> shows that BTC outflows from exchanges<\/strong> remain elevated, a sign that holders prefer to keep their positions rather than sell \u2014 behavior typical of the accumulation phases<\/strong> that precede major rallies.<\/p>\n\n\n\n

The MVRV ratio<\/strong> (Market Value to Realized Value) sits in a zone that has historically preceded major bull phases<\/strong> without yet signaling overheating. Daily active addresses<\/strong> are also holding at elevated levels, indicating sustained interest in the Bitcoin network<\/a> beyond pure short-term speculation.<\/p>\n\n\n\n

One key risk remains: BTC’s volatility is structurally higher than that of gold<\/strong>, which limits the scope of the comparison. A reversal in macro sentiment \u2014 particularly if the Fed<\/strong> signals a prolonged tightening cycle<\/strong> \u2014 could quickly reshuffle the deck and reactivate the correlation with risk assets<\/a>. The current decoupling is promising, but it is not yet set in stone.<\/p>\n\n\n\n

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