Grayscale: U.S. Household Stock Assets Rise to 46.71%

As of the end of 2025, the proportion of corporate stocks held directly and indirectly by U.S. households has reached 46.71%, up from 43.99% a year ago. Zach Pandl, head of research at Grayscale, pointed out that the increase in stock asset concentration and high valuations have enhanced the diversification opportunities for crypto assets in investment portfolios. The long-term profit growth expectation for the S&P 500 index rose to over 25% on August 28, significantly higher than the historical range of 10% to 15%. Grayscale believes that after market adjustments, the valuations, leverage levels, and bullish positions of investors in crypto assets have all declined. Data shows that the 90-day correlation between Bitcoin and the Nasdaq 100 index has dropped from over 60% to about 33%, while its correlation with gold has risen from nearly 0 to over 50%. Additionally, Bitcoin's historical volatility is higher than that of broad stock indices, and it does not always serve as a safe-haven asset.

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