Bloomberg ETF analyst James Seyffart pointed out that the narrative of Bitcoin as “digital gold” is gradually fading, with its price increasingly reflecting the volatility of software stocks rather than being a stable asset like gold. However, looking at recent capital flows, software stock ETFs have seen significant buying on dips, while Bitcoin ETFs have experienced net outflows. Will Bitcoin rebound in the future as software stocks stabilize?
Bitcoin’s movement is not synchronized with gold and is more similar to software stocks
By analyzing the trends of Bitcoin ETF IBIT (orange line in the chart), software stock ETF (blue line), and gold ETF (yellow line), since August 2025, gold has risen by 49%, while software stocks have fallen by 23%, and Bitcoin has declined by 49%. It is evident that Bitcoin’s trend is not aligned with gold but is more similar to software stocks.
Bitcoin is not digital gold but a risk asset
Seyffart also analyzed various characteristics and attributes of Bitcoin and gold. Advantages of Bitcoin over gold include ease of division, portability via the internet, and programmability. However, its five-year volatility is as high as 62%, far exceeding gold’s 15%, supporting its current role as a high-risk tech alternative during market downturns.
Software stocks capital are starting to flow back, what about Bitcoin?
However, recent capital flows show that while software stock ETFs have seen substantial buying on dips, Bitcoin ETFs have experienced net outflows. Will Bitcoin rebound as software stocks stabilize? Seyffart did not provide a clear answer.
After the integration of traditional finance, Bitcoin’s relationship with macroeconomics and asset classes has become more closely linked, but liquidity remains a major challenge. Whether Bitcoin can turn declines into rallies in the future depends on market sentiment and liquidity returning, which may require a longer period for validation.
(Bitcoin pullback triggers liquidity crisis, CME-backed BlockFills suspends withdrawals causing panic)
This article, titled “Saying goodbye to the digital gold myth, when will Bitcoin rebound with software stocks?” first appeared on Chain News ABMedia.
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