Grayscale: Bitcoin Is Not Digital Gold, Risky Asset

According to Grayscale research, Bitcoin’s traditional “digital gold” narrative is being questioned; recent price movements resemble high-risk growth assets more. Report author Zach Pandl states that Bitcoin (BTC) is a store of value in the long term due to its fixed supply and independence from central banks, although its short-term movements do not correlate with gold or precious metals. Instead, since the beginning of 2024, it has developed a strong correlation with software stocks, being affected by AI-driven selling pressure.

Bitcoin’s latest plunge mirrors the collapse in software stocks since the start of 2026. Source: Grayscale

Grayscale Report: Bitcoin Has No Short-Term Gold Correlation

Bitcoin experienced a 50% drop from its October peak above 126,000 dollars; during this process, the October 2025 liquidation event, November and January 2026 selling waves, and US sellers on Coinbase were influential. Institutional participation, exchange-traded funds, and macro risk perception have integrated BTC into traditional markets. Grayscale views this as part of Bitcoin’s evolution; it states that it cannot become a monetary asset like gold in the short term, but can develop with the digital economy. BTC’s return over the past 10 years has surpassed gold; ETF inflows or a retail investor return are essential for recovery.

Despite its recent underperformance, Bitcoin’s annualized returns have significantly outpaced gold over the past decade. Source: Grayscale

Bitcoin Technical Analysis: Strong Supports and Oversold RSI

Currently trading at the 69.625 dollar level, BTC is signaling a downtrend with a 1.59% drop in the last 24 hours. RSI at 32.52 is in the oversold region, Supertrend bearish. EMA 20: above 77.364 dollars. Strong supports: 62.251 dollars (72/100 score, 10.33% distance) and 65.786 dollars (68/100). Resistances: 71.977 dollars (3.68% distance, 76/100) and 91.201 dollars. Click for detailed BTC analysis.

Bitcoin ETF Flows: 144.9 Million Dollars Net Inflow on February 09

Grayscale’s emphasized ETF inflows for recovery are accelerating. According to February 09, 2026 data, Bitcoin ETFs recorded a 144.9 million dollar net inflow. Ethereum ETFs played a supportive role with 57 million dollars inflow. These flows indicate continued institutional demand.

Binance SAFU Fund Increases BTC Purchases

Another positive development: Binance SAFU Fund added 4.225 BTC (299.6 million dollars), bringing its total assets to 10.455 BTC (734 million dollars). This move signals accumulation at market bottom levels. If combined with a retail return for recovery, it could trigger a rally in BTC futures. ETH spot analysis is also affected by ETF flows.