According to Grayscale's head of research, Zach Pandl, the 90-day correlation of Bitcoin with the Nasdaq 100 has dropped from 60% at the beginning of the year to 33%, while its correlation with gold has risen from nearly zero to over 50%.
Source: Grayscale.Pandl believes that the market is beginning to view Bitcoin as a safe-haven asset once again.
"This shift may reflect a renewed investor interest in Bitcoin's scarcity, financial independence, and its utility as a store of value," he added.
He also pointed out that the U.S. national debt has surpassed $40 trillion, and the increasing deficit along with rising Treasury yields is driving demand for assets that can protect wealth from the depreciation of fiat currencies. Grayscale describes this as part of the macroeconomic backdrop for a "bet on currency devaluation."
Pandl estimates that under these circumstances, Bitcoin could emerge as a liquid alternative to gold. He reminded that the asset's supply is capped at 21 million coins, and its issuance schedule is transparent and not reliant on a central issuer.
A similar perspective was shared by Fidelity's director of global macroeconomics, Jurrien Timmer, who linked the rise in both gold and Bitcoin to the U.S. Treasury's actions of buying long-term bonds and increasing the issuance of bills.
Source: X/Jurrien Timmer."The market feels a slippery slope towards fiscal dominance and a potential loss of Fed independence," Timmer noted.
He added that loose fiscal and monetary policies are clearly negative for the U.S. dollar but positive for gold. Previously, analysts at CryptoQuant provided insights into the reasons for Bitcoin's halt at $80,000.