A growing share of bitcoin and digital asset investors in the United States are rotating part of their portfolios into gold, reflecting a shift in sentiment after years defined by crypto market swings and rapid price cycles.

A recent survey by MarketWise, which polled 1,000 active investors with exposure to both traditional and digital assets, found that 18% sold or reduced crypto holdings over the past year to purchase the metal. The move comes as many participants reassess risk following periods of steep drawdowns in digital markets.

The data points to a complicated relationship with crypto rather than a wholesale exit. While nearly one in five investors trimmed positions, 41%…

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