How Bitcoin is drifting away from tech stocks

Bitcoin (BTC) is demonstrating a notable structural shift in market behavior as its 90-day correlation with the tech-heavy Nasdaq fell sharply from above 60% down to 33%. Concurrently, Bitcoin's correlation with physical gold has risen above 50%, signaling that institutional and retail market participants may increasingly treat the leading cryptocurrency as a store of value and scarcity asset rather than purely a high-beta technology play. Over a recent five-week period, Bitcoin gained approximately 22.2%, outpacing gold's 13.3% advance. While gold remains roughly ten times larger in total market capitalization, market analysts and industry leaders view Bitcoin as an evolving high-beta monetary alternative. Binance founder Changpeng Zhao highlighted at Bitcoin Asia that Bitcoin could potentially challenge or overtake gold in future market cycles, although established governmental frameworks for custody and reserve asset management present near-term hurdles. Continued decoupling from equities alongside closer alignment with precious metals could strengthen Bitcoin's macroeconomic standing as a sovereign-grade digital reserve asset.