BTC-gold correlation shifts with macro environment, Kaiko says

The correlation between Bitcoin and gold fluctuates significantly depending on the macroeconomic environment, according to an analysis by crypto research firm Kaiko. The firm noted that based on a 30-day moving correlation coefficient, the relationship between the two assets has lacked consistency over the past two years, alternating between strong positive and negative correlations. This suggests that the market's perception of Bitcoin shifts between it being a safe-haven and a risk asset, influenced by changing narratives around inflation expectations, interest rate outlooks, and appetite for risk assets.