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Institutions: The divergence between Bitcoin and US stocks may be only a temporary phenomenon.

MarsBitNews
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Mars Finance News, July 5 - Despite the ongoing rally in U.S. stock markets hitting new highs and Bitcoin's relatively weak performance this year, asset management firms Hashdex and Charles Schwab both believe this divergence will not persist for long. Hashdex Chief Investment Officer Samir Kerbage stated that market capital is currently flowing more toward themes such as AI infrastructure, IPOs, and interest rate trading rather than digital assets, reflecting a shift in capital allocation rather than a deterioration in the fundamentals of the crypto industry. He noted that stablecoin transaction volumes in the first half of this year have already exceeded the full-year level of 2025, the scale of tokenized real-world assets (RWA) has grown over 60% year-to-date, crypto network transaction activity has also hit record highs, and the divergence between on-chain fundamentals and market valuations has reached a historic high. Jim Ferraioli, head of digital asset research at Charles Schwab, believes that Bitcoin's current trajectory remains consistent with historical cycles following each halving. He said that Bitcoin typically takes more than a year to return above the production cost of inefficient miners, which currently stands at around $95k, while the average market holding cost is about $80k, meaning the price rebound may continue to face selling pressure from investors looking to break even. Ferraioli believes that although the "four-year halving cycle" is not an absolute rule, this pattern has profoundly influenced investor behavior. As the Bitcoin market gradually matures, the volatility of each cycle in the future may diminish.
BTC-0.41%
RWA3.80%
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