According to Bloomberg, large investors have resumed active purchases of bitcoin, while less significant market participants are exercising caution.
Some of the largest bitcoin holders have supported its price, but the increase in interest remains limited, raising questions about whether this is truly a recovery or merely an attempt to offset losses.
Last week, so-called "whale wallets" increased their holdings by 53,000 bitcoins, marking the largest volume of purchases since November, following several weeks of active sell-offs. These actions contributed to some price stabilization, despite the fact that most investors remained on the sidelines.
According to data from the Glassnode platform, over the past year, large bitcoin holders have been net sellers, with more than 170,000 coins withdrawn from their wallets since mid-December.
A recent report from investment firm Grayscale highlights that bitcoin no longer shows correlation with gold, and its short-term movements are dependent on technology stocks. The company's analyst, Zach Pandl, labeled cryptocurrencies as risky assets that investors turn to during periods of high volatility.
In an environment of market fear, investors quickly shed crypto assets, unlike gold, which retains its value. Pandl noted that many traders do not view bitcoin as a reliable investment capable of withstanding market pressure. Over the past 12 months, the price of the first cryptocurrency has followed the dynamics of software development company stocks, indicating expectations of growth. In the event of a stock market decline, investors begin to withdraw funds from bitcoin, the analyst explained. As of February 5, bitcoin fell to $60,000, which is more than 50% lower than its record of $126,000 reached in October 2025.
Pandl added that the decline in bitcoin's price occurred almost synchronously with technology company stocks amid concerns that artificial intelligence could replace traditional software services. However, he is confident that bitcoin has not yet revealed its potential and possesses long-term characteristics that could make it a reliable store of value. The limited supply of 21 million coins should help maintain the cryptocurrency's value even with increasing demand. Bitcoin's decentralization makes it more attractive to investors compared to traditional currencies controlled by government authorities.
According to Pandl, in the future, bitcoin could achieve the status of "digital gold," although at the moment its price fluctuations do not correlate with gold or other precious metals. In recent months, while gold and silver have shown growth, bitcoin has behaved differently.
The analyst is not surprised by this dynamic, as bitcoin is still in the early stages of development compared to gold, which has been used as money for thousands of years and was the foundation of the financial system until the 1970s. Even today, governments and central banks hold gold as one of their key reserve assets.
Bitcoin, on the other hand, has only existed for 17 years and continues to prove its viability as a global monetary asset, concluded the Grayscale analyst.
