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Bitcoin's changing correlation mix may matter more than the headline level. With its 90-day gold correlation above 50% from near zero at the start of the year, while its Nasdaq 100 correlation has eased to roughly 33%, the market appears to be testing a debasement-hedge narrative after the break above $80K. My measured read: ETF inflows and large onchain longs support that transition, but rising hedging, profit-taking and leveraged shorts show it is not yet settled. If higher rates or deleveraging regain control, the gold link could fade quickly. Not advice, just analysis. #BTCGoldCorrelation