Hashdex and Charles Schwab: The divergence between Bitcoin and US stock market trends may just be a temporary phenomenon

Odaily Planet Daily reports that although U.S. stocks have continued to hit new highs, Bitcoin’s performance this year has been relatively weak, and both asset management firms Hashdex and Charles Schwab believe that this divergence will not persist long.

Samir Kerbage, Chief Investment Officer of Hashdex, said that current market capital is flowing more toward themes such as AI infrastructure, IPOs, and interest rate trading rather than digital assets. This reflects a shift in capital allocation rather than a deterioration in the fundamentals of the crypto industry. He noted that in the first half of this year, stablecoin trading volume has already exceeded the level for all of 2025, the size of RWA has grown by more than 60% within the year, and crypto network transaction activity has also reached a historical high. The divergence between on-chain fundamentals and market valuations has reached the highest level in history.

Jim Ferraioli, Director of Digital Asset Research at Charles Schwab, said that Bitcoin’s current trend still aligns with historical cycles after each halving. At present, the production cost for inefficient miners is about $95,000, while the market’s average holding cost is about $80,000. During the process of the price rebound, it may still face some selling pressure as investors unwind positions to break even. He believes that as the Bitcoin market gradually matures, the magnitude of volatility in each future cycle may weaken.