Bitcoin Behaving Like High-Risk Tech Stock Rather Than Safe Haven, Grayscale Analysis Finds

Bitcoin's reputation as "digital gold" faces scrutiny as the cryptocurrency displays price behavior more characteristic of high-risk growth assets than traditional safe havens, according to recent analysis from Grayscale.

Research author Zach Pandl noted that while the firm maintains its view of Bitcoin as a long-term value store based on fixed supply and central bank independence, near-term market dynamics tell a different story. The cryptocurrency has shown little correlation with gold or precious metals despite record rallies in those commodities, Pandl explained.

Instead, Bitcoin has developed strong ties to software sector performance, particularly since early 2024. This correlation has intensified as software stocks face selling pressure amid concerns about artificial intelligence disrupting traditional services.

The cryptocurrency has declined approximately 50% from its October peak above $126,000, falling through multiple waves including a major October 2025 liquidation event and subsequent selloffs in November and January 2026.

Grayscale frames this shift not as failure but as part of Bitcoin's evolution, acknowledging that displacing gold's millennia-long monetary role was never realistic in the short term. The firm suggests Bitcoin could gradually assume greater monetary status as the global economy digitizes through AI, autonomous systems, and tokenized markets. Near-term recovery likely depends on renewed ETF inflows or retail investor participation, which currently favors AI-related equities over crypto assets.