Thahbib Rahman, a research analyst at Block Scholes, notes that the digital currency is shedding its reputation as a purely speculative risk asset. The 90-day rolling correlation between the two assets began climbing in June, surging after the U.S. Treasury announced bond buyback initiatives. Following that policy shift, Bitcoin rallied 20% in a single week, while gold climbed 5%, pushing their mutual correlation to a record 55% by mid-September.

This trend coincides with a cooling relationship between crypto markets and traditional equities. While Bitcoin remains linked to the S&P 500 and Nasdaq-100, that correlation has dropped from a 62% peak in February to roughly 40% today. Rahman suggests this decoupling indicates that market participants are beginning to treat Bitcoin as a supplementary safe-haven asset, positioning it alongside bullion to protect purchasing power against persistent inflation and rising government borrowing costs.