Grayscale says Bitcoin is acting more like tech stocks

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Grayscale says bitcoin

Highlights

Bitcoin’s recent decline has challenged its narrative as “digital gold” and a monetary asset.
Instead, Grayscale’s research finds similarities between Bitcoin’s performance and technology stocks, particularly AI-focused software developers.
Bitcoin’s divergence from its safe-haven role may be part of its ongoing asset evolution.

Bitcoin’s nearly established reputation as “digital gold” is being tested, as its recent price action increasingly resembles that of a high-risk growth asset rather than a traditional safe haven, according to a new Grayscale report.

Report author Zach Pandl said Tuesday that while Grayscale continues to view Bitcoin as a long-term store of value due to its fixed supply and independence from central banks, recent market behavior tells a different story.

“Bitcoin’s short-term price fluctuations have not been closely tied to gold or other precious metals,” Pandl wrote, pointing to record price surges in gold and silver.

Instead, the analysis shows that Bitcoin has developed a strong correlation with software company stocks, particularly since early 2024. The sector has recently faced intense selling pressure amid concerns that artificial intelligence could disrupt or render many software services obsolete.

Bitcoin’s latest plunge mirrors the collapse in software stocks since the start of 2026. Source: Grayscale, Cointelegraph

As reported by Cointelegraph, the report suggests that Bitcoin’s growing sensitivity to equities and growth assets reflects its deeper integration into traditional financial markets, partly driven by institutional participation, ETF activity, and shifting macroeconomic risk sentiment.

This shift comes as Bitcoin has fallen by roughly 50% from its October peak above $126,000. The decline unfolded in several phases, beginning with a historic liquidation event in October 2025, followed by renewed selling in late November and again in late January 2026. Grayscale also pointed to “motivated U.S. sellers” in recent weeks, citing persistent discounts on Coinbase.

Still, Grayscale argues that Bitcoin’s recent failure to behave as a safe-haven asset should not be viewed as a setback, but rather as part of its ongoing evolution.

Not сapitulation, but кepositioning

According to Pandl, it would be unrealistic to expect Bitcoin to replace gold as a monetary asset in such a short period.

“Gold has been used as money for thousands of years and served as the foundation of the international monetary system until the early 1970s,” Pandl wrote.

However, as the global economy becomes increasingly digitized through artificial intelligence, autonomous agents, and tokenized financial markets, Bitcoin may continue evolving toward achieving monetary status, the report argues.

In the short term, Bitcoin’s recovery may depend on fresh capital inflows, either through renewed ETF inflows or a return of retail investors. Market maker Wintermute noted that recent retail participation has been concentrated in equities and AI-related growth opportunities, limiting near-term demand for crypto assets.

As we wrote, Bitcoin in free fall: What can save leading digital asset?

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