Bitcoin and gold are tracking each other more closely than at any time since 2020, with their 90-day correlation climbing to about 0.55—the highest in nearly six years—while Bitcoin’s volatility has narrowed to 36.2% versus 25.3% for gold, a ratio of just 1.43 times, down from 5.6 times in 2021. Bitwise said the three-month rolling correlation reached its highest level since 2020 at the end of August, echoing the post-COVID stimulus peak, as long-term Treasury yields surged and the U.S. Treasury expanded purchases of longer-dated securities; Bitcoin then gained 22.4% in the following week while gold rose roughly 5% and stocks fell. The backdrop includes U.S. federal debt moving above $40 trillion and revived concerns over deficits and currency debasement. Grayscale noted Bitcoin’s 90-day Nasdaq 100 correlation fell from above 60% to roughly 33% as its gold correlation rose from near zero to more than 50%. Much of the convergence reflects gold’s own volatility surge—into the 93rd percentile of its history versus Bitcoin near the 10th—leaving the volatility ratio below two for 177 consecutive sessions. That relationship faced an early stress test when gold plunged from nearly $4,700 on Aug. 25 to as low as $4,342 on Sept. 1 as the 10-year yield approached 4.8% and rate-hike odds jumped, while Bitcoin held near $77,000 before rebounding above $80,000 and printing an intraday high above $81,000 after Fed Governor Christopher Waller comments eased hike bets; U.S. spot Bitcoin ETFs took in $101.2 million on Sept. 2 after $236.5 million of outflows a day earlier and have attracted more than $3 billion over 30 days.