According to CoinMeta, the 90-day price correlation between BTC and gold has risen to 0.56, exceeding the previous high of around 0.50 in November 2020, and reaching the highest level since most data providers began tracking it in 2017. The 90-day correlation between BTC and the NASDAQ 100 has dropped to around 0.30, which is a one-year low. Looking at a 30-day period, the correlation between BTC and gold has further increased to 0.72, while its correlation with the NASDAQ Composite Index is only around 0.22. Since August, capital flows surrounding “currency devaluation trades” have reinforced the narrative of BTC as “digital gold.”