Grayscale Research: Bitcoin's "Digital Gold" Narrative Faces Test, Price Action More Resembling High-Risk Growth Asset
A new Grayscale study released February 11 finds Bitcoin’s long-running “digital gold” narrative is facing headwinds: its recent price moves increasingly mirror high-risk growth assets, not traditional safe-havens.
Report author Zach Pandl said Tuesday that while Grayscale still views Bitcoin as a long-term store of value (citing its fixed supply and independence from central banks), recent market performance tells a different story.
“Bitcoin’s short-term price trends haven’t tracked gold or other precious metals closely,” Pandl noted, pointing to recent historic gains in gold and silver. The analysis found Bitcoin has grown strongly correlated with software stocks—especially since early 2024—amid a sharp sell-off in the sector driven by fears AI could disrupt or displace many software services.
The report links Bitcoin’s heightened sensitivity to stocks and growth assets to its deeper integration into traditional finance, driven in part by institutional participation, ETF act
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Santiment: Bitcoin Bounce Fails to Mask Market Fear, Sustained Rebound Probability May Increase
On February 11, crypto market research firm Santiment tweeted that Bitcoin has rebounded from last weekend’s dip to $60,000.
Social media data analysis shows bearish sentiment in the market still outpaces bullish sentiment.
With retail investors largely pessimistic, data indicates average investors remain reluctant to buy at current price levels—while key BTC whales are accumulating calmly with little resistance.
Historically, when market panic is high, the probability of a price rebound rises significantly.
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Goldman Sachs Discloses $23.6 Billion Crypto Exposure, Including BTC, ETH, XRP, and SOL
**Crypto reporter Eleanor Terrett reported on February 11 that Goldman Sachs’ 2025 Q4 13F filing reveals the Wall Street giant holds $1.1 billion in BTC, $1 billion in ETH, $153 million in XRP, and $108 million in SOL.**
Total crypto exposure: ~$2.36 billion, accounting for 0.33% of Goldman’s overall investment portfolio.
Key caveat:
These aren’t direct purchases by the bank—they’re held indirectly through approved ETFs, in compliance with institutional regulations.
Latest updates:
- Goldman Sachs sent representatives to the White House today for a meeting on stablecoin yields.
- CEO David Solomon is scheduled to speak at the WLFI Forum in Palm Beach next week.
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Today's Crypto Fear & Greed Index is currently at 11, indicating that the market is still in a state of "Extreme Fear."
On February 11th, alternative data shows the cryptocurrency Fear & Greed Index has fallen to 11 today—down from 9 yesterday—with a weekly average of 14, signaling the market remains in the "extreme fear" zone.
Note: The index ranges from 0 to 100 and tracks six key metrics: Volatility (25%), Market Trading Volume (25%), Social Media Hype (15%), Market Surveys (15%), Bitcoin Dominance (10%), and Google Trends Analysis (10%).
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Former SafeMoon CEO Sentenced to 8 Years in Prison
**February 11** — The U.S. District Court for the Eastern District of New York on Tuesday sentenced former SafeMoon CEO Braden John Karony to 8 years in prison, per Coindesk.
Karony was convicted last year on multiple federal charges tied to investor fraud in his digital asset business. The U.S. Department of Justice (DOJ) alleges he manipulated the SafeMoon (SFM) token’s price, illicitly controlled the company’s liquidity, and stole millions of dollars. Following a three-week trial, he was found guilty of conspiracy to commit securities fraud, wire fraud, and money laundering.
Co-conspirator Thomas Smith pleaded guilty to conspiracy to commit securities fraud and wire fraud in February 2025 and is currently awaiting sentencing. Another alleged co-conspirator, Kyle Nagy, remains at large in connection with the SafeMoon fraud case.
SafeMoon (SFM) launched in March 2021 amid the meme coin and DeFi craze of the prior bull market. Its tokenomics impose a 10% tax on all transaction
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