#我在Gate广场过新年 Bitcoin's attributes have changed: no longer just "digital gold," but more like "leveraged tech stocks"

Bitcoin was once dubbed "digital gold." However, since reaching its all-time high in October 2025, it has been continuously "bleeding out," while gold has repeatedly hit new highs due to safe-haven demand. The divergence in their trends reveals a shakeup in the fundamental narrative of cryptocurrencies.

The so-called "digital gold" is based on the core logic that Bitcoin possesses similar inflation-hedging and safe-haven properties as gold, making it a refuge for funds during market turbulence.
However, recent market performance indicates that Bitcoin's price is highly correlated with high-risk tech stocks. Data shows that in the second half of 2025, the correlation coefficient between Bitcoin and U.S. tech stocks reached 0.8, meaning their rises and falls are almost synchronized. For investors, Bitcoin's risk profile is becoming more akin to high-volatility risk assets rather than a stable store of value.
Media reports also point out that Bitcoin is more like "leveraged tech stocks." When market risks emerge, institutional investors tend to sell off high-risk assets like Bitcoin first to maintain liquidity, which is fundamentally different from gold's traditional role as a safe haven during crises.

Pure cryptocurrencies may have already fulfilled their historical mission. Bitcoin is shifting from an asset primarily driven by "faith" and "grand narratives" to a complex risk asset increasingly constrained by macro liquidity cycles, institutional holdings, and corporate balance sheets.