An analysis said the main backdrop to bitcoin's recent decline is risk aversion across high-tech assets rather than threats from quantum computing.

On May 4, blockchain media outlet BeInCrypto reported that Grayscale Research cited a de-risking trend across advanced high-tech assets as the reason bitcoin pulled back from recent highs.

In a recent memo, Grayscale Research head Zach Pandl (잭 판들) compared the share prices of listed quantum computing companies with bitcoin's moves. The key point was that quantum-related stocks have moved in the same direction as bitcoin in recent months. He said that pattern does not fit the interpretation that a new quantum threat is being priced into the bitcoin network.

Pandl said that if there had been major technological progress in quantum computing, the share prices of related listed companies should have risen. Instead, the related stocks have fallen along with bitcoin since October last year. IonQ, Rigetti and D-Wave have each fallen more than 25 percent since the start of the year.

Grayscale interpreted this as a move to cut risk exposure across growth-oriented portfolios. It said concerns about disruptions from artificial intelligence and tighter macro conditions are driving the trend. It also said bitcoin's slide to around $85,000 amid large outflows from spot exchange-traded funds, or ETFs, is in line with the same risk-off mood.

Grayscale said the correction does not change bitcoin's role as a store of value. It said bitcoin can still serve that function within a diversified portfolio. Pandl said valuations can recover even before a full post-quantum upgrade, and said investors do not need to wait for a complete upgrade to be finished.

He also said major blockchains should accelerate post-quantum preparations. He said the bigger obstacle is governance rather than technology.