Coinbase analyst denies view that gold's rise leads to Bitcoin's rise

David Duong, Global Head of Investment Research at Coinbase, stated that the market narrative that "gold's rise will drive Bitcoin's rise" lacks data support. He pointed out that the recent sharp drop in gold prices after the nomination of the Federal Reserve Chairman was announced indicates that gold trading is more based on momentum rather than the logic of "currency depreciation". According to a quantitative analysis report by Coinbase Institutional, the research team conducted statistical tests over multiple time windows ranging from one week to one year and did not find a stable and exploitable correlation between the initiation of a gold bull market and a Bitcoin bull market. The analysis results show that the relationship between the two exhibits inconsistent performance at different time windows, and most of the associations lack statistical significance, which refutes the view that "gold appreciation is a leading indicator of Bitcoin appreciation".