Bitcoin Trading Like a Tech Stock, Driven by Software and Private Credit

Recent data from Grayscale shows Bitcoin moving in close step with high-growth US software stocks, suggesting the token has been trading like a growth asset rather than “digital gold.” The tight synchronization from early 2024 to the present points to broad derisking of growth-oriented portfolios as a key driver of recent sell-offs.

US investors appear to have supplied much of the selling pressure: Bitcoin has traded at a discount on Coinbase versus Binance, and US-listed Bitcoin ETPs have seen net outflows of roughly $318 million since early February. Positive internal factors such as ETFs and DATs have not fully explained why capital continued to flow out of the market since mid‑last year.

The $3 trillion private credit industry may be central to the story. Large funds that manage these loans lend heavily to software firms, and PitchBook data shows software accounts for about 17% of BDC investments by deal count.

United States

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