Originally reported by Cathy of 白话区块链 on November 6, 2026, at 21:31 (UTC+8). Original article
Did Bitcoin trade more like gold or a tech stock during the November 5 sell-off? On that day, it moved with tech stocks. The source reports that Bitcoin fell about 5.5%, alongside a roughly 6.5% drop in the Nasdaq 100, while gold rose about 0.9%. CoinGecko figures cited in the article put Bitcoin’s intraday low near $75,200 and its daily close near $76,000.
That single day does not settle what Bitcoin is. In late August, Grayscale research head Zach Pandl pointed to a different pattern: over the preceding three months, Bitcoin’s correlation with gold had risen above 50%, while its correlation with the Nasdaq 100 had fallen to about 33%. On October 21, K33 Research found that Bitcoin and Nasdaq returns had become closely aligned again over a two-week period. The measures use different windows, and neither establishes a permanent relationship.
The article also cites Farside data showing roughly $1.5 billion in net outflows from Bitcoin ETFs between October 30 and November 5. ETF selling is one possible channel through which broader market stress can reach Bitcoin, but those flow figures alone do not prove what caused the price drop or the reported liquidations.
Pandl framed the longer-term question in February: Bitcoin may behave both as a store-of-value asset and as a growth asset. His qualification matters—behaving more like gold in the future depends on Bitcoin succeeding as a monetary asset. The November sell-off shows the limit of calling it “digital gold” on the strength of a short stretch of correlation data.