Bitcoin’s recent price action resembles that of a high-risk growth asset rather than digital gold, according to new research from Grayscale.
The report found Bitcoin’s short-term movements have shown limited correlation with gold and other precious metals, despite record rallies in bullion and silver prices.
“Bitcoin’s short-term price movements have not been tightly correlated with gold or other precious metals,”
Wrote Grayscale report author, Zach Pandl.
Instead, the analysis showed Bitcoin developing a stronger correlation with software stocks since early 2024, a sector that has faced heavy selling pressure amid concerns over artificial intelligence disruption.
Grayscale said the growing link to equities reflects Bitcoin’s deeper integration into traditional financial markets, driven by institutional flows, exchange-traded fund activity and broader macro risk sentiment.
The shift follows a roughly 50% drawdown from Bitcoin’s October peak above $126,000, with selling pressure unfolding across multiple waves and accompanied by what the firm described as motivated US sellers.
Pandl argued that Bitcoin’s failure to immediately function as a safe haven is part of its long-term evolution, noting that gold has served as money for thousands of years and that Bitcoin’s role could expand as the global economy becomes increasingly digitised.
At the time of reporting, Bitcoin price was $67,499.26.