Bitcoin’s identity is evolving as it trades more like a growth asset rather than digital gold, reflecting a correlation with software stocks. Grayscale’s research highlights this shift, emphasizing Bitcoin’s short-term trading patterns resembling high-growth equities. Ether treasury company BitMine adds 40,613 ETH during market sell-off, expanding its holdings despite multibillion-dollar paper losses.

BlackRock continues its institutional DeFi push by listing its tokenized money market fund on Uniswap and purchasing UNI. The BUIDL fund boasts over $2.1 billion in assets across multiple blockchains. Polymarket sues Massachusetts over state regulation of prediction markets, arguing that the CFTC, not individual states, should have authority over event contracts.

The changing dynamics in the crypto market, particularly with Bitcoin and Ether, reflect a shift towards trading patterns resembling growth assets rather than traditional safe-havens. Institutional participation and regulatory challenges continue to shape the industry as companies like BlackRock and Polymarket navigate the evolving landscape.

Read more at Cointelegraph: Is Bitcoin Trading Like a Tech Stock?