According to Bitwise Investments, Bitcoin shows lower sensitivity to 10-year Treasury yield fluctuations compared to gold. While gold often reacts mechanically to bond market stress within institutional portfolios, Bitcoin remains less affected by these shifts.
The US Treasury announced on August 19, 2026, that it would increase liquidity-support buybacks for longer-dated bonds from $2 billion to at least $4 billion per operation, starting September 9. Following this, Bitcoin recorded a 22.4% weekly gain, while gold rose by approximately 5%.
US gross federal debt reached approximately $40.13 trillion by mid-August 2026. Amid this environment, the 90-day rolling correlation between Bitcoin and gold exceeded 0.5 as of August 31, 2026, marking the highest level since 2020.
Earlier in 2026, the correlation between the two assets was near zero, as noted in Grayscale research from August 27. Analysts suggest that rising long-term Treasury yields and concerns over fiscal sustainability are currently driving both assets in tandem.
Bitwise notes that Bitcoin's investor base is more diverse than that of gold, including retail holders, crypto-native funds, and sovereign wealth allocators. Unlike gold, Bitcoin's issuance schedule is fixed by protocol and remains independent of central bank or Treasury policy.
