Historical report: originally published November 6, 2026, at 21:31 (UTC+8).
Bitcoin’s November 5 decline offered a short-term test of its comparison with gold. According to CoinGecko figures cited in the original report, BTC fell from about $80,300 to an intraday low near $75,200 and closed around $76,000, down roughly 5.5% from the previous day. The Nasdaq 100 fell about 6.5%, while gold rose 0.9%. On that day, Bitcoin moved with technology stocks rather than gold.
That does not establish a permanent relationship. The report describes a different pattern in March 2026: Grayscale said crypto prices rose modestly while major stock indexes, bonds and precious metals fell. By late August, Grayscale research head Zach Pandl reported that Bitcoin’s three-month co-movement with gold had risen from near zero at the start of the year to above 50%, while its co-movement with the Nasdaq 100 had fallen from over 60% to around 33%. On October 21, however, K33 Research said Bitcoin and Nasdaq returns over the preceding two weeks were nearly identical. Those observations use different periods; none proves that Bitcoin has durably joined—or left—gold’s market category.
The November sell-off also coincided with pressure on Bitcoin funds. Farside figures cited by the report put net outflows from spot Bitcoin ETFs at about $1.5 billion from October 30 through November 5. Fund flows may help explain price pressure, but the coincident moves alone cannot establish the full chain of causation.
Longer-term return estimates answer a different question from how an asset behaves during a sell-off. The report cites Charlie Bilello’s figures showing average annual returns since 2011 of 120.6% for Bitcoin and 6.3% for gold. It also notes JPMorgan’s October long-term assumption of a 10% annualized Bitcoin return over the next decade, alongside an assumed 55% volatility and unstable correlations. Historical returns and a forecast do not guarantee future purchasing-power protection. As Pandl put it in a February report, Bitcoin’s price might eventually behave more like gold if it succeeds as a monetary asset over the long term.