Bitcoin's 90-day correlation with gold has risen above 0.50, its highest level since 2020, reinforcing its recent divergence from technology stocks as Treasury buybacks and U.S. debt concerns focus investors on currency-debasement risk. Bitcoin gained 22.4% in one week, its largest weekly advance since March 2024, while a separate August comparison showed Bitcoin up 25% for the month and gold almost 10% higher. Bitwise Europe Research Head André Dragosch said the correlation strengthened after the Treasury expanded long-term buybacks, while Bitcoin's correlation with the Nasdaq 100 fell to a one-year low and its relationship with the U.S. Dollar Index remained sharply negative. Bitcoin is also approaching a golden cross, in which its 50-day moving average rises above its 200-day average, a pattern often associated with longer-term bullish momentum. CryptoQuant, however, reported declining spot demand alongside elevated futures demand, a combination that raises the risk of a short-term pullback below $80,000 and liquidation-driven volatility.