Bitcoin's 90-day correlation with gold has climbed to roughly 0.55, the strongest in nearly six years, and its volatility premium over gold has shrunk too — 36.2% vs. gold's 25.3%, just 1.43x now. That's a much tighter spread than we're used to seeing. Doesn't mean BTC has "become gold," but the two are clearly dancing closer together than any time since 2020. Worth watching if that gap narrows further or snaps back.