Bitcoin is starting to move more in sync with gold and less with the biggest tech stocks. That’s according to Zach Pandl, head of research at Grayscale, who cited fresh company data.

Correlation Shifts Over 90 Days

Pandl pointed out that over the past 90 days, Bitcoin’s correlation with the Nasdaq 100 index dropped from 60% down to 33%. Meanwhile, its correlation with gold surged from nearly zero at the start of the year to over 50%.

How Grayscale Reads the Trend

Pandl says the market is once again viewing Bitcoin as a safe haven asset. “This shift could reflect renewed investor focus on Bitcoin’s scarcity, its financial independence, and its value as a store of wealth,” he noted.

Macro Factor: US Debt

The Grayscale exec also flagged that US national debt has now topped $40 trillion.