Digital gold or tech stock? Bitcoin’s identity crisis deepens

Bitcoin’s growing correlation with tech stocks challenges its digital gold narrative, as Ether treasuries, BlackRock and Polymarket make bold moves.

Bitcoin (BTC) was once pitched as digital gold — a hedge against monetary instability and market turmoil. But recent price action tells a different story.

As institutional participation has grown, particularly through exchange-traded funds and other traditional vehicles, Bitcoin has increasingly traded in lockstep with risk assets. The latest downturn in software stocks, fueled by renewed uncertainty around AI’s impact on the sector, has been mirrored in crypto markets, raising fresh questions about Bitcoin’s evolving identity.

That changing dynamic sets the tone for this week’s Crypto Biz. New research from Grayscale examines Bitcoin’s growing correlation with growth equities, while one Ether (ETH) treasury company is doubling down despite multibillion-dollar paper losses. Elsewhere, BlackRock is expanding its tokenization push through a Uniswap integration, and Polymarket is taking its fight over state regulation to federal court.

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