A new report from Grayscale argues that Bitcoin, while maintaining the design characteristics of a long-term store of value, has recently behaved much more like a growth stock than digital gold. According to author Zach Pandl, Bitcoin's drop to roughly $60,000 on February 5, 2026 — a peak-to-trough decline of over 50% — coincided with weakness in high-growth software stocks and other early-stage technology equities, suggesting the primary driver was macro risk reduction rather than a crypto-specific breakdown.
Bitcoin Moves in Lockstep with High-EV Software Stocks
For at least the past year, Bitcoin's price has moved closely with early-stage U.S. software stocks trading at high enterprise value-to-sales ratios. When investors trim exposure to growth assets, Bitcoin feels the pressure alongside them. This dynamic complicates Bitcoin's long-standing narrative as "digital gold." Grayscale maintains that Bitcoin's fixed supply, decentralization, and independence from governments support its role as a long-term store of value. But in the short term, its correlation profile has looked more Silicon Valley than Fort Knox.
Pandl frames the issue plainly: Bitcoin is both a store of value and a growth asset. The asset's investment case hinges on adoption — if Bitcoin matures into a dominant digital monetary asset, its volatility and equity correlation could eventually resemble gold more than tech stocks.
U.S. Selling Pressure, On-Chain Holders Remain Steady
Recent selling appears concentrated in the United States. The price of Bitcoin on Coinbase traded below Binance, pointing to U.S.-based sellers driving activity. Since the start of February, U.S.-listed spot Bitcoin exchange-traded products recorded about $318 million in net outflows. Notably, on-chain indicators showed no significant liquidation from long-term holders ("OG whales"). Instead, derivatives markets showed heavy deleveraging, with aggregate open interest on major perpetual futures exchanges falling by more than half since October. Funding rates turned negative, and options skew reached extreme levels — conditions that can coincide with local bottoms.
Regulatory Developments and Long-Term Outlook
Beyond price charts, regulatory developments may shape the next phase. Pandl noted that delays around the CLARITY Act in the U.S. Senate likely weighed on valuations, though broader regulatory shifts — including the bipartisan GENIUS Act and agency-level changes — continue to support institutional engagement with stablecoins and tokenized assets. Looking further out, the report highlights innovation in privacy, perpetual futures and prediction markets, while flagging quantum computing as a long-term consideration for Bitcoin's cryptographic foundations. If Bitcoin clears those hurdles and adoption expands, Grayscale argues its behavior could ultimately align more closely with gold — though today, it is still trading like a growth bet.