Bitcoin Shifts From Tech Proxy to Digital Store of Value as Institutional Mix Changes, Analysts Say

Bitcoin shows a 30-day correlation of 0.78 with BlackRock's iShares Expanded Tech-Software Sector ETF (IGV), with EMJ Capital founder Eric Jackson noting BTC trades more like a technology stock than a safe-haven asset, recent market analysis shows. Analysts highlight that current institutional holders are technology-focused, while sovereign wealth funds, pension funds, and corporate treasuries that prioritize capital preservation are gradually entering the market. ETF outflows resemble portfolio rebalancing amid ongoing due diligence by new institutional investors, and analysts are watching stablecoin balances on exchanges, Bitcoin's performance versus tech equities, and regulatory filings from sovereign entities as key indicators of a transition toward store of value status.