Bitcoin has apparently slipped out of its “digital gold” costume, according to the CEO and resident numbers-whisperer at CryptoQuant. His conclusion rests on a fact so grown-up it wears a blazer: the correlation between the universe’s most famous cryptocurrency and the planet’s most dignified metal has decided to diverge in the past several months, as if it had suddenly remembered it had opinions of its own.
Bitcoin is in a ‘not digital gold’ period.
– Ki Young Ju (@ki_young_ju) February 24, 2026
When you squint at the price charts long enough to pretend you’re doing science, you can see where the discrepancy comes from. The correlation between the two wandered greenly for most of 2022 through mid-2024, as if they were two unflappable taxi drivers who shared a single GPS signal and an unfortunate fondness for red lights.
Then they split, goats and gold, with Bitcoin rocket-launching into red territory for the first time in years during and after the US presidential shenanigans at the end of 2024. BTC vaulted to new peaks while gold dawdled behind, as though it had mistaken the finish line for a coffee break.
Once the precious metal began to catch its breath, the correlation managed to crawl above 0.5 by the third and early fourth quarters of 2025. Yet that’s precisely when the entire crypto landscape decided to stage a dramatic exit, while the gold market kept blooming like a rather stubborn flower.
Bitcoin endured one of its most painful daily corrections on October 10, a day that will be remembered by traders as the moment the market decided to do a very large, unpaid tax audit on everyone’s positions. In 24 hours, the entire ecosystem collapsed, wiping out more than $19 billion in liquidations, which is finance-speak for “oops.”
Since then, the asset has not only failed to reclaim the old heights, but it has quietly inched lower, sitting around $63,000 at press time-halfway to that peak like a marathon runner who stopped at the snack stall for a very long time.
In contrast, gold has been busy acting like a rock star with a safety net. It hit a fresh all-time high near $5,600 at the end of January, survived an unusual tumble to $4,400, and mostly hovers above $5,000. It now trades roughly 30% above its October 10 price of $4,000, and its market capitalization sits north of $36.1 trillion. The gap between the two, in market-cap terms, is around 30x-a number that would look absurd if it weren’t so relentlessly reassuring for people who own a lot of one and not a lot of the other.
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2026-02-24 12:48