Bitcoin Trades Like Tech, Not Gold

Market Correlation - Bitcoin is considered a risk asset, behaving like a leveraged version of the NASDAQ rather than a risk-off asset [1] - The correlation between the total crypto market cap and gold is low, measured at only 23% [1] - Bitcoin's trading pattern aligns more closely with the NASDAQ than with gold [3] Comparative Analysis - Bitcoin's performance doesn't mirror gold's; historically, Bitcoin topped when gold broke out in 2019 [2] - The narrative of Bitcoin as "digital gold" implying a positive correlation with gold's performance doesn't hold true in reality [2]