Grayscale: Bitcoin Trades Like Growth Stocks, Not Digital Gold, After 50% Drawdown

Bitcoin has traded more like growth and software equities than traditional safe-haven assets such as gold, Grayscale said in its latest Market Byte, noting that bullion and silver hit records while Bitcoin slumped roughly 50% from an October peak above $126,000. The declines unfolded in several waves, including a historically large liquidation in October 2025 and further selling in late November 2025 and late January 2026, with persistent price discounts on major venues such as Coinbase and the presence of "motivated" U.S. sellers signaling softer demand. Grayscale said institutional participation, ETF activity, and shifting macro risk sentiment have tied Bitcoin more closely to growth-oriented assets, though its fixed supply and independence from central banks still support its long-term store-of-value narrative.