Bitcoin is no longer a safe haven according to Grayscale

The crypto market seems to be sinking for many. Some are already talking about abandoning ship. Others wonder if the time for speculation has truly come. Bitcoin drops like a risky tech stock. The myth of the ultimate safe haven is seriously wavering. Grayscale has just confirmed it without hesitation. So, should we still believe in it or is it time to look elsewhere? Doubt is settling in. And it is seriously contagious.

Bitcoin sinks like a tech stock: digital gold is taking on water

Since early 2024, Bitcoin has been dancing in a close duo with high growth software stocks. During the correction of more than 50% since the October 2025 peak, BTC touched $60,000 on February 5. At the same time, gold hit historic records. 

Grayscale observes this bluntly: 

Bitcoin’s short-term price movements have not been closely correlated with gold or other precious metals.

BTC reacted like a risky asset. It was sold like a growth stock, not like a haven. Investors treated it like any pressured tech stock. The safe haven narrative no longer holds in the short term. 

The crypto market saw it: when everyone de-risks, bitcoin sinks with the others. No more protection. Just a volatile asset. The divorce with gold is consummated. And brutal. Crypto traders grind their teeth. The illusion of a safe haven crumbles like wet plaster. The shield is gone. Reality takes its place.

The “digital gold” myth cracks: why Bitcoin breaks now

Grayscale explains why the myth is leaking. Bitcoin is still too young. Gold has 5,000 years of monetary glory behind it. Bitcoin only has 17 years. It has not yet conquered reserve currency status. As a result: in times of stress, investors treat it like a growth stock, not as a refuge. The report points to “motivated US sellers,” net outflows from Bitcoin ETFs, and the persistent discount on Coinbase. 

The “digital gold” narrative is put to a tough test. It is not dead, but on forced pause. The market no longer believes in the immediate refuge. Crypto traders see it every day: when tech stocks fall, Bitcoin falls even harder. The dream of a safe haven is postponed. 

For now, bitcoin behaves like a growth asset. And that changes everything for those who believed in it hard as steel. The crypto-sphere is questioning itself. Should we throw in the towel? Or wait for the kid to become a man?

Bitcoin remains a bet on the future: Grayscale keeps the faith despite the storm

Despite the bitter observation, Grayscale remains bullish on bitcoin. For them, BTC is both: growth today, refuge tomorrow. In an economy dominated by AI, autonomous agents, and tokenization, Bitcoin could become the dominant digital currency. The report concludes: 

Investing in Bitcoin today means positioning oneself for this potential growth. If Bitcoin succeeds in the long term, its yield characteristics may ultimately resemble gold more than growth stocks, with lower volatility, reduced correlation with stock markets, and expected lower returns (Exhibit 3).

The safe haven narrative is not lost. It is under construction. The question is no longer “is it digital gold?” but “when will it become so?” This bet is what makes Bitcoin fascinating for long-term crypto investors. The crypto-sphere breathes. Maybe the shipwreck is temporary. Maybe the real treasure is still ahead.

Key figures and highlights from the Grayscale report

• BTC price at press time: 67,061 dollars;
• Bitcoin has lost more than 50% since its October 2025 peak;
• Strong correlation with software stocks since early 2024;
• No correlation with gold during the last correction;
• Grayscale maintains its long-term thesis despite the short-term shock.

No matter the extent of the storm experienced by the crypto market, Bernstein still confirms its target of 150,000 dollars for bitcoin this year. Even in turmoil, some keep the faith.