Coinbase analyst: The claim that 'gold leads Bitcoin's rise' lacks data support David Duong, Global Head of Investment Research at Coinbase, pointed out in an article that the circulating narrative in the market that "gold's rise will drive Bitcoin's rise" is a wrong viewpoint. He believes that the recent sharp drop in gold prices after the nomination of the Federal Reserve Chairman was announced precisely proves that gold trading is more based on momentum rather than the logic of "currency depreciation", which fundamentally shakes the narrative imposed on gold by many people. This viewpoint is based on a quantitative analysis report by Coinbase Institutional. The report points out that in order to verify the relationship between the two, the research team did not simply choose a specific time delay to search for correlation, but conducted comprehensive statistical tests on multiple time windows ranging from one week to one year to explore whether there is a stable and exploitable correlation between the bull market launch of gold and the bull market launch of Bitcoin. The analysis results indicate that there is no evidence to consistently prove that the strong returns of gold will ultimately lead to strong returns of Bitcoin. The relationship between the two varies in different time windows, sometimes positively correlated and sometimes negatively correlated, and most associations lack statistical significance. Therefore, the conclusion of this analysis is that the view that "gold's rise is a leading indicator of Bitcoin's rise" is not supported by statistical data.