Digital gold ? Bitcoin behaves more and more like a tech stock

For years, bitcoin has been sold as an escape route. A rare asset, outside central banks, supposed to shine when the rest trembles. Except that in 2026, the soundtrack changes: at the slightest twitch in tech, bitcoin coughs too. And that is more than a market detail. It is an open identity crisis.

When bitcoin sticks to stocks: the “digital gold” put to the test

The most disturbing observation is not that BTC falls. It’s with whom it falls. Short-term behavior resembles more that of a growth stock than a safe haven like gold.

Why now? Because institutionalization has changed the mechanics. ETFs, desks, “risk-on/risk-off” strategies have placed bitcoin in the same baskets as the rest. When managers reduce exposure to risky assets, bitcoin often ends up in the same bag as tech stocks, even if its narrative says otherwise.

And the current trigger is almost ironic: uncertainties about AI’s impact on software. Software stocks are shaken, bitcoin follows the movement, as if it also wore a “growth” badge. In this setting, gold and silver can go their own way… while bitcoin remains stuck to investors’ mental Nasdaq.

Ether in treasury mode: a bet that doesn’t blink

This shift in narrative is not limited to bitcoin. On Ethereum, another phenomenon is emerging: companies treat ETH as a strategic reserve, with a treasury logic… and a tolerance for chaos.

BitMine Immersion Technologies is a brutal illustration. In the middle of a correction, the company added 40,613 ETH, bringing its holdings to about 4.326 million ETH. We’re talking about a gigantic stock, showing massive latent losses at current prices. And despite that, they double down.

The implicit message is simple: “we don’t trade, we accumulate.” Tom Lee defends a strategy focused on the long term, even if it means enduring drawdowns that hurt the books on paper. It’s not romantic, it’s accounting. And that is precisely what makes the movement credible in the eyes of some investors.

But it also sends a signal to the market: if players accept latent losses of this magnitude to “hold,” then the debate is no longer just technological. It becomes financial, almost sociological: who has the stomach to survive volatility, and who has only a narrative without endurance?

BlackRock on Uniswap, Polymarket in court: crypto normalizes… while fighting

This is where the story gets interesting: while bitcoin behaves like a stock, Wall Street begins to play directly on the DeFi stage. BlackRock has made its tokenized Treasury bond fund, BUIDL, tradable via UniswapX, with access reserved for “whitelisted” actors via Securitize, in a very institutional framework.

The symbol matters as much as the plumbing: a giant of traditional markets pushes an on-chain Treasury product, and in the same move, also buys UNI (amount undisclosed). This is not just tokenization. It is an attempt to install institutional rails at the heart of a protocol born to bypass rails.

And while some build bridges, others prepare for the regulatory shock. Polymarket has taken federal court action against the state of Massachusetts, challenging the idea that a state can restrict its event contracts, arguing that jurisdiction lies with the federal framework (CFTC) rather than a local mosaic.