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One BTC now can buys about 18.1 oz of gold, the highest ratio since January. The more interesting part is how they got there together. On Bitwise's 90-day measure, BTC's correlation with gold rose above 0.5, its highest since 2020, after sitting near zero earlier this year. The latest convergence coincided with stress in the bond market: long-end Treasury yields surged, Treasury expanded liquidity-support buybacks for longer-dated debt, BTC rose 22.4% over the following week, gold added about 5%, and stocks fell. The ratio move is not only Bitcoin's doing. Gold is roughly 20% below its late-January high, while the BTC/gold ratio fell to around 12-13 in February after trading above 30 in 2025. By one 90-day realized-volatility measure: · BTC: 36.2% · Gold: 25.3% · BTC is now 1.43x as volatile as gold, down from 5.6x in 2021 and near a six-year low Bitwise says BTC has recently behaved like an amplified version of gold. Glassnode is more cautious, noting that BTC's decoupling from equities during past bond selloffs was often short-lived. Flows and sentiment remain split: · August brought about $3.5B into US spot BTC ETFs, narrowing 2026 YTD outflows from $5.29B to $1.77B · Five choppy sessions through Sep 2 netted only about $122M, before Sep 3 added $730.8M · With US federal debt above $40T, Scaramucci has framed both assets as responses to fiscal and currency concerns · Jiang Zhuoer has said publicly he closed his BTC position near $82,050 In 2020 and 2022, BTC's larger advances followed correlation spikes rather than coinciding neatly with them. But two episodes are too few to treat as a reliable signal. Do you look at BTC in dollars, or in ounces of gold? Does the second measure change how the chart reads to you? #BTCGoldRatioHigh