Bitcoin’s recent slide to the $60,000 level had more in common with a pullback in high-growth technology stocks than with a breakdown in a traditional safe-haven asset, according to a new report from Grayscale.
The crypto asset manager said Monday that bitcoin’s price action mirrored the weakness seen in growth-oriented equities, particularly software names, underscoring that the asset continues to trade like a risk-sensitive technology investment rather than digital gold.
Grayscale argued that while bitcoin’s capped supply, decentralized framework and independence from sovereign control give it the foundational traits of a store of value, its relatively short history limits that narrative for now. Compared with gold’s thousands of years as a monetary asset, bitcoin’s 17-year lifespan places it firmly in an early stage of adoption.
“Bitcoin can be considered a long-term store of value,” wrote Zach Pandl, the firm’s head of research, noting that the network is likely to function well into the future and may preserve purchasing power over time.
In the current market cycle, however, bitcoin has behaved more like a growth trade. As investors reduced exposure to risk assets, the cryptocurrency declined sharply from its highs, moving in tandem with equities rather than providing insulation from volatility.
At the same time, gold prices have surged to record levels, attracting inflows while bitcoin-related products saw capital exit. That divergence has challenged the idea that scarcity alone enables bitcoin to act as a reliable hedge during periods of market stress.
Pandl said that allocating to bitcoin today is largely a wager on continued adoption. Until the asset achieves broader acceptance as a global monetary standard, its performance is likely to remain closely tied to shifts in investor sentiment and appetite for risk.
Recent market flows reinforce that assessment. Grayscale highlighted selling pressure originating in the U.S., sustained outflows from spot bitcoin exchange-traded funds, and widespread deleveraging in derivatives markets. These patterns resemble a typical growth unwind rather than a structural loss of faith in the underlying blockchain network.
Spot bitcoin ETFs listed in the U.S. have recorded persistent redemptions in recent weeks, with hundreds of millions of dollars withdrawn amid price volatility. Assets under management have declined accordingly, leaving many investors holding positions below their entry levels.
Looking beyond near-term turbulence, Grayscale sees potential catalysts for renewed momentum. Progress on regulatory frameworks for stablecoins and tokenized assets, combined with ongoing development across blockchain infrastructure, could support broader crypto adoption. The firm pointed to networks such as Ethereum and Solana, along with infrastructure providers like Chainlink, as likely beneficiaries of that trend.
For bitcoin itself, key challenges remain, including scaling capacity, managing transaction fees and addressing emerging technological risks such as quantum computing. Should the network continue to evolve and adoption deepen, Grayscale believes bitcoin’s volatility could moderate and its correlation with equities could weaken, eventually allowing it to behave more like gold — albeit in digital form.
Separately, JPMorgan has suggested that bitcoin’s comparatively lower volatility versus gold could enhance its long-term appeal, potentially positioning it as a more attractive asset over time.
