Bitcoin Shifts Away from Gold, Tracks US Tech Sector Instead

Bitcoin’s long-standing comparison to gold is losing traction as its price behavior diverges from the precious metal. While both assets were once seen as safe-haven stores of value, recent market turbulence has revealed a growing disconnect. Following a severe mid-October drop, Bitcoin fell sharply from over $121,000 to around $101,000, wiping out billions in leveraged positions. In the weeks since, BTC has touched a six-month low near $93,000, while gold has continued to perform steadily and even reached new highs.

This divergence marks a clear end to the period when the two assets moved in tandem. Analysts attribute the difference largely to high leverage within cryptocurrency markets, which amplifies volatility and decouples Bitcoin from traditional safe-haven dynamics.

Meanwhile, Bitcoin has begun exhibiting strong alignment with the US technology sector. Its recent correlation with the Nasdaq 100 Index reached its highest point in over three years, indicating that BTC price swings are increasingly influenced by broader tech market trends. Over the past five years, Bitcoin has mostly tracked tech equities, except for brief divergences, while its relationship with gold and cash has weakened to nearly zero.

The trend suggests that Bitcoin is evolving from a commodity-like asset into one that mirrors the risk and reward profile of high-growth tech stocks. Investors monitoring both sectors should note that BTC’s performance may now be more sensitive to factors affecting tech companies, including macroeconomic conditions, interest rate expectations, and market sentiment.

This shift reflects the growing institutionalization of crypto markets, where leveraged trading and correlation with other high-beta assets dominate price movements. As Bitcoin continues to mature, its behavior may increasingly resemble a speculative, market-driven instrument rather than a traditional store of value.