Bitcoin’s recent underperformance relative to equities has coincided with rising Federal Reserve rate expectations, and Grayscale Investments argues bitcoin could narrow that gap if policymakers hold off on rate hikes. Grayscale Investments is tying bitcoin’s lag behind equities to a repricing of Federal Reserve policy, arguing that bitcoin could narrow the performance gap with stocks if the Fed holds off on rate hikes. In a June 22 research note, the crypto asset manager said changing rate expectations have contributed to the divergence between equities, bitcoin, and gold.