Bitwise’s Head of Research for Europe, Andre Dragos, says Bitcoin is behaving more and more like 'digital gold.' According to Dragos, the three-month rolling correlation between BTC and gold just hit its highest level in almost six years.

BTC and Gold Correlation Is Climbing

Dragos points out that the price action for both assets has gotten more in sync lately. He’s talking about a three-month rolling metric, which smooths out short-term swings and shows how tightly the two move together over a full quarter. With this backdrop, the 'digital gold' narrative for Bitcoin is only getting stronger.

August Macro Backdrop

Dragos says August was a big month for global macro markets. Against that backdrop, Bitcoin and gold started moving even more in tandem, which is showing up in the spike in correlation.