Bitcoin's correlation to gold has surged to its highest level in over a year, standing at 50%, according to research from blockchain analytics firm Kaiko. Meanwhile, its correlation to the stock market has fallen to roughly 20% since December.

This newfound correlation with gold indicates that Bitcoin may be drifting toward risk-off asset status, likened to "digital gold." Previously, Bitcoin and crypto correlated heavily with the stock market throughout last year, often well above 50%, while correlations between Bitcoin and gold frequently ran at 0% or negative.

The recent banking turmoil in the US and Europe has caused panic in the banking sector, which could potentially fuel gold's next bull run. Similarly, Bitcoin bulls are excited that macro conditions have aligned to reignite the asset's next bull market.