Bitcoin is trading more like a tech stock than digital gold, Grayscale says.

Bitcoin’s recent drop toward $60,000 resembled a pullback in high-growth tech stocks more than a flight from traditional safe havens, according to a new report from crypto asset manager Grayscale.

In a note published Monday, the firm said bitcoin’s sell-off tracked closely with weakness in high-growth software names, reinforcing the argument that the cryptocurrency currently trades more like an emerging technology asset than digital gold.

While bitcoin’s fixed supply, decentralized architecture and independence from governments give it the structural characteristics of a long-term store of value, Grayscale argued that the asset remains early in its evolution. At just 17 years old, bitcoin is still maturing — especially when compared with gold’s centuries-long track record as a monetary asset.

“Bitcoin can be considered a long-term store of value,” wrote Zach Pandl, Grayscale’s head of research. “The network is likely to operate well beyond our lifetimes, and the asset may preserve value in real terms.”

However, the recent market environment has challenged bitcoin’s digital gold narrative. Rather than acting as a defensive hedge during periods of stress, bitcoin has moved in tandem with risk assets, declining sharply as investors rotated away from growth-oriented positions.

Meanwhile, physical gold has climbed to record highs, attracting inflows at the same time bitcoin funds experienced redemptions. That divergence has weakened the argument that scarcity alone is sufficient for bitcoin to function as a reliable safe haven in turbulent markets.

According to Pandl, investing in bitcoin today remains largely a bet on continued adoption. Until the asset achieves broader recognition as a global monetary instrument, its price is likely to remain tied to investor risk appetite — rising during growth-driven rallies and falling when markets turn cautious.

Recent market dynamics reinforce that interpretation. Grayscale pointed to U.S.-led selling pressure, sustained outflows from spot bitcoin exchange-traded funds (ETFs), and significant deleveraging in crypto derivatives markets. These factors resemble a broader unwind in growth exposure rather than a fundamental breakdown in confidence in bitcoin’s network.

U.S.-listed spot bitcoin ETFs have recorded consistent outflows in recent weeks, with investors withdrawing hundreds of millions of dollars amid volatility and declining prices. The redemptions have reduced total assets under management and left many positions below cost, signaling softer institutional demand for ETF-based exposure.

Still, Grayscale sees longer-term drivers that could support a recovery beyond short-term price swings. Regulatory progress around stablecoins and tokenized assets, along with continued advances in blockchain infrastructure, may help catalyze the next phase of adoption. The firm highlighted platforms such as Ethereum and Solana, as well as middleware providers like Chainlink, as potential beneficiaries.

For bitcoin, the long-term outlook hinges on its ability to address scaling challenges, manage transaction costs and strengthen resilience against emerging technological threats, including quantum computing. If those hurdles are cleared, Grayscale believes bitcoin’s volatility could decline, its correlation with equities could diminish, and its behavior may gradually align more closely with gold — albeit in digital form.

Separately, JPMorgan has suggested that bitcoin’s lower volatility relative to gold could enhance its appeal over time, potentially making it a more attractive asset for long-term investors.

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