Bitcoin and Gold Now Track Stocks Closely
Treasury managers holding either asset as a hedge face weaker diversification as both move with equities.
Updated on Nov. 7, 2026 in Employment
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Fidelity Director of Global Macro Jurrien Timmer said in an X post that he still prefers Bitcoin to gold, even as both assets sold off in a broader risk-off move in financial markets. Bitcoin was trading at $75,904 early Saturday, down 0.08% over 24 hours, and the comparison matters for investors allocating across digital and precious-metal holdings.
Why it matters
Bitcoin and gold have become more correlated to equities in recent weeks, which weakens the case for either as a diversifier when stocks fall. For operators and treasury managers, that shift means both assets are behaving more like risk assets than hedges.
Bitcoin and gold are each 60-70% correlated to the S&P 500 index (SPX), and Bitcoin traded at $75,904 early Saturday after a 0.08% decline over 24 hours. Fed funds futures priced a more than 77% chance of a quarter-point rate cut at the Dec. 9 meeting, up from 66% the prior day, after an unexpected fall in unemployment to 4.1%.
The players
Fidelity Investments
Fidelity is a large U.S. asset manager whose global macro research team publishes market views that institutional and retail investors track closely.
Jurrien Timmer
Timmer is Fidelity's Director of Global Macro, known for market commentary on cycles and asset allocation.
Federal Reserve
The Federal Reserve is the U.S. central bank, setting interest rates that shape borrowing costs and capital allocation for businesses nationwide.
The details
Both assets are being sold amid a broader shift away from risk, which is pulling them in line with equity moves rather than away from them. Timmer's preference rests on Bitcoin's relative price performance during the selloff rather than on any change in fundamentals. For operators watching cash and hedging decisions, the practical signal is that correlation to equities is rising for both assets at the same time.
Timeline
Mid-October 2024: Timmer indicated Bitcoin's new four-year bull market cycle could be underway.
Early Saturday (November 2026): Bitcoin traded at $75,904 as markets reacted to the jobs report.
Dec. 9: The next Federal Reserve policy meeting, with a quarter-point cut priced in by futures markets.
Next week: CPI and PPI inflation reports are expected to weigh heavily on the Fed's decision.
Market Landscape
Timmer's 2024 call that Bitcoin's four-year cycle bull market could be underway is now being tested by a selloff that has pulled Bitcoin and gold together with equities. The divergence between Bitcoin's relative strength and gold's weakness is a live question for investors who had treated the two as separate stores of value.
Operators with treasury or reserve holdings should treat Bitcoin and gold as more correlated to equities than in the past, which weakens their diversification value. Review asset allocation and hedging assumptions with a qualified financial advisor before the CPI and PPI reports and the Dec. 9 Fed meeting.
The takeaway
The key insight is that Bitcoin and gold are moving with stocks, so neither reliably offsets equity losses in a risk-off period. Watch next week's CPI and PPI data as the signal that will most likely shape the December rate decision and asset-price direction.
What happens next
Next week's CPI and PPI inflation reports are expected to be more important to the Federal Reserve's Dec. 9 decision than the jobs data, and they will show whether the quarter-point cut priced by futures is likely to hold.
Further reading
Explore more Employment coverage to see how labor-market shifts like the unexpected drop in unemployment to 4.1% feed into the rate and asset-price picture.
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Do you think now is a good time to invest in Bitcoin or gold?
