The cryptocurrency market appears to be sinking. Some are already speaking of abandonment, while others wonder if the time has come for serious speculation. Bitcoin is retreating like a risky tech stock. The myth of the "ultimate safe haven" is being severely shaken. Grayscale confirms this openly. Should we continue to believe in it or look elsewhere? Doubt is setting in – and it is particularly contagious.
The myth of 'digital gold' collapses
Grayscale points out that Bitcoin is functioning as a risk asset in the short term. During the correction of over 50% from its October 2025 high, the price of BTC touched $60,000 on February 5, while gold was marking historic records. According to Grayscale's analysis, Bitcoin's short-term movements do not have a close correlation with gold or other precious metals. BTC reacts like a high-risk asset and is sold like a tech stock under pressure. The safe-haven narrative no longer holds true in the short term. When everyone reduces risk, Bitcoin sinks along with other markets. The decoupling from gold is now a harsh reality. Crypto traders are "gritting their teeth" – the safe haven illusion is collapsing.
Grayscale explains that the myth is leaking because Bitcoin is still very young. Gold has 5,000 years of monetary history, while Bitcoin has only 17 years. It has not conquered the position of a reserve currency. Consequently, in times of stress, investors treat it as a growth stock and not as a refuge. The report highlights "active sellers from the US," net outflows from Bitcoin ETFs, and the ongoing discount on Coinbase. The narrative of "digital gold" is being severely tested. It has not died, but it is in a forced pause. The market no longer believes in an immediate refuge. Crypto traders see it daily: when tech stocks fall, Bitcoin falls even more. The dream of a safe haven is postponed.
A bet on the future
Despite the bitter observation, Grayscale remains optimistic about Bitcoin. For them, BTC is both growth today and a refuge tomorrow. In an economy dominated by AI, autonomous agents, and tokenization, Bitcoin could become the dominant digital currency. Grayscale concludes: investing in Bitcoin today means positioning for future growth. If Bitcoin succeeds in the long term, its characteristics may eventually resemble gold more than growth stocks, with lower volatility, reduced market correlation, and expected lower returns. Grayscale maintains its long-term vision despite the short-term drop. Even amidst the turbulence, Bernstein maintains its target of $150,000 for this year. Some remain loyal, despite the storm.
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