Grayscale said U.S. household financial assets held directly and indirectly in corporate stocks reached a record 46.71% by the end of 2025, up from 43.99% a year earlier. Research head Zach Pandl argued that rising equity concentration and elevated valuations have strengthened the case for crypto as a portfolio diversifier, with crypto valuations, leverage, and bullish positions lower after a prolonged downturn and a market structure opposite to equities. In a fresh note, Grayscale said bitcoin is gradually decoupling from technology stocks: its 90-day correlation with the Nasdaq Composite has fallen from roughly 60% to 33%, while its correlation with gold has risen from nearly zero to nearly 50%, after earlier readings versus the Nasdaq-100 showed a similar slide from more than 60% to about 33% and a gold link above 50%. The firm tied the shift to a macro backdrop reviving the debasement trade—rising debt, persistent deficits, and higher yields—casting bitcoin as a scarce, liquid alternative alongside gold, as media mentions of “debasement” topped 1,500 articles last week, the highest weekly count since January, after Treasury Secretary Scott Bessent expanded buybacks of long-dated bonds in a move markets read as inflationary and supportive of hard assets. Recent 30-day gains showed bitcoin up 21.90% at $77,569, spot gold up 8.80% at $4,416.07 an ounce, and the Nasdaq Composite up 1.17% at 26,217.83. Macro strategist Lyn Alden suggested bitcoin may be nearing an inflection point against gold as its investor base matures, while Bitwise Chief Investment Officer Matt Hougan said bitcoin correlates with gold only in specific regimes and otherwise behaves as a different asset. BlackRock has previously said a 1% to 2% bitcoin allocation may suit some long-term portfolios, and the correlation shift aligns with separate Bitwise Europe research and continued spot Bitcoin ETF inflows.