BTC priced in gold

How to read it

The white line is the BTC/Gold ratio on a log axis - troy ounces of gold one Bitcoin buys. It cuts through fiat debasement: both assets are priced in dollars, so the ratio isolates Bitcoin's move relative to the oldest monetary metal.

With Drivers on, the bars are the 30-day return spread (BTC − gold), colored by which asset is doing the work: whichever one's absolute 30-day move is larger "drives" the spread. So a positive spread can be BTC surging or gold dropping; a negative one gold surging or BTC dropping.

Panel 2 puts the two levels side by side on separate axes - they share no scale, and forcing one would flatten gold into a straight line against Bitcoin's several orders of magnitude. The axis selector chooses which side a drag-zoom applies to.

Panel 3 is a 252-day z-score of log(BTC / gold): how stretched the ratio is against its own last twelve months. Logging first matters - a ratio is floored at zero and unbounded above, so scoring it raw would read as permanently positive through any uptrend.

Panel 4 is a 90-day rolling correlation of daily returns, not of price levels. Two assets that both rose over a decade have level-correlation near 1 whatever they did day to day; on returns the number actually answers whether they move together. Windows match the BTC vs Stock Markets page so the two read the same way.

Panels 2 to 4 are aligned to gold's trading days rather than Bitcoin's. The ratio chart above forward-fills gold across weekends, which is fine for a ratio but would feed a synthetic zero gold return into every weekend of the correlation.