Bitcoin has been relatively calm over the past month while the stock market has reclaimed record highs and recent initial public offerings have ripped higher. That could ultimately be a point in its favor. The leading cryptocurrency has not made a new record high since May 22, according to CoinMetrics data. However, Trivariate Research founder Adam Parker said in a note to clients that bitcoin is starting to behave less like a meme stock and seems to be gaining further traction with the traditional finance crowd, making it “increasingly compelling.” “Bitcoin appears to be trading slightly differently now than previously, with an increasingly higher correlation to high-quality growth stocks than hyper-growth junk stocks, which it was more correlated to previously,” Parker wrote. BTC.CM= 3M mountain Bitcoin has not made a new record high since May. More proof of the growing demand for bitcoin from mainstream investors is shown by ETF flows. The iShares Bitcoin Trust (IBIT) has raked in more than $4 billion of inflows over the past month, according to FactSet, even though the coin itself has seen rangebound trading. If bitcoin continues to become enmeshed in traditional finance, then the underlying supply-demand dynamics of the digital coin should lead to further gains, Parker said. “The number of millionaires on Earth now far exceeds the number of Bitcoins, and the number of people who will become millionaires will grow faster than the number of Bitcoins can grow, creating some supply / demand imbalance. The legitimacy of Bitcoin – now held in ETFs and available for custody by financial advisors – has created a demand argument that has some investors thinking it could continue appreciating at the 60% per year rate it has for the previous 15 years,” Parker wrote. Of course, the crypto world is broader than just bitcoin, and it could be that speculative trading has now shifted elsewhere. One possible candidate is Circle Internet Group , which has surged nearly 500% from its IPO price of $31 but is drawing mixed opinions from Wall Street analysts. While some see upside for the stablecoin stock, JPMorgan’s Kenneth Worthington gave Circle an underweight rating. JPMorgan was one of the bookrunners for Circle’s IPO. Another area of potential concern is companies that are buying bitcoin in an attempt to boost their own stock prices. Famed short-seller Jim Chanos has also been publicly critical of bitcoin treasury companies , like Michael Saylor’s Strategy . — CNBC’s Michael Bloom contributed reporting.