“Bitcoin is increasingly behaving like a leveraged technology stock,” the analysts said.
Since its inception about 16 years ago, bitcoin’s fundamentals have been compared to gold due to some similarities, such as finite supply. BTC maxis went even further down the road, which was supported by TradFi experts and regulators who categorized the cryptocurrency as a commodity, just like gold.
If that’s the case, then the two of them should move in sync, right? Similar measures have occurred in the past, but this has not been the case since the October 10 massacre, as new data from the Kobeissi Charter shows.
broken gold link
The performance gap between the two began after the massive drop mentioned above. At that time, BTC fell from more than $121,000 to $101,000 on some exchanges in the span of a few hours, a move that wiped out more than $19 billion in leveraged positions.
Since then, the cryptocurrency’s situation has only gotten worse, as it fell to a six-month low of $93,000 yesterday. On the contrary, the precious metal has recorded some gains and even managed to reach a new all-time high. Thus, the Kobeissi Letter determined that after more than 12 months, during which the two assets moved in high correlation as safe havens, the link had been broken.
Still not convinced?
Take a look at the chart of Bitcoin against gold since the sell-off occurred on October 10.
For over 12 months, gold and Bitcoin moved with a high correlation; safe haven assets.
Since the beginning of October, gold has outperformed Bitcoin by 25 percentage points. pic.twitter.com/cMd17JFGuL
— Kobeissi’s letter (@KobeissiLetter) November 16, 2025
Analysts believe that the main reason behind BTC’s nosedive, as well as its completely different moves compared to gold, is the amount of excessive leverage used in the cryptocurrency markets.
The link with the US technology sector grows.
At the same time, the Kobeissi Letter pointed to another growing positive correlation with a different asset class: the US technology sector. The 30-day correlation between BTC and the Nasdaq 100 index reached its highest level in over three years at 0.80. It is also the second highest in the last 10 years.
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Over the past five years, the correlation has been positive except for a brief period in 2023. Consequently, BTC’s five-year correction on the Nasdaq has exceeded 0.5, while its relationship with cash and gold has been “essentially zero.”
“Bitcoin is increasingly behaving like a leveraged tech stock,” the Kobeissi Letter concluded.
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