Grayscale: Bitcoin is being traded as a speculative asset, not as digital gold.

Key theses from the report by Grayscale:

• The price of BTC fell to \~$60,000 (-50% from the peak), which coincided with a drop in tech company stocks, but not with the dynamics of gold.

• Sales were observed primarily on the Coinbase exchange. There was a significant outflow of funds from BTC-ETFs.

• The open interest in BTC futures fell by half compared to October 2025.

• In the long term, quantum technologies pose a threat to Bitcoin.

• Grayscale points to delays in the adoption of the Clarity Act as a negative factor for the crypto market.

• Ethereum and Solana are considered leading networks for smart contracts and the main beneficiaries of the growth in institutional demand for stablecoins and tokenized assets. Chainlink is seen as an infrastructure for tokenized assets.

• Stablecoins and tokenized assets are seen as a structural long-term trend.

• Privacy is one of the most important topics in the crypto industry. Zcash is seen as a crypto asset similar to BTC, but with enhanced privacy features.