According to CoinMeta, citing data from Bitwise Asset Management and Bloomberg, as of August 31, the 90-day rolling correlation between Bitcoin and gold rose to around +0.50, approaching the high levels seen during the pandemic in 2020, and has more than doubled since the beginning of the year. In contrast, the 90-day correlation between Bitcoin and the Nasdaq 100 has dropped to around -0.30, which is a one-year low. The Kobeissi Letter indicates that the increase in the correlation between Bitcoin and gold accelerated after the U.S. Treasury Department announced on August 19 that it would raise the maximum amount for single-term Treasury bond repurchases from $2 billion to at least $4 billion, leading the market to increasingly use both gold and Bitcoin as assets for hedging against currency devaluation.