US stocks hit new highs, BTC weakens but doesn't mean fundamentals are worsening: funds are rotating sectors, not leaving crypto

Recently, the US stock market has been hitting new highs, but Bitcoin's performance this year has been relatively weak, appearing like a "decoupled market."
However, some institutions interpret this as: it's not that the crypto industry is worsening, but that funds are being redistributed.
Hashdex believes that current market funds are flowing more towards main themes such as AI infrastructure, IPOs, and interest rate trading, rather than digital assets themselves. However, if we look at the underlying data, the crypto network is actually not weak: stablecoin trading volume has already surpassed last year's full-year level, the scale of RWA (Real World Asset tokenization) has grown over 60% this year, and on-chain transaction activity is also hitting new highs.
In other words, surface prices and on-chain fundamentals are "temporarily diverging."
Charles Schwab, on the other hand, explains Bitcoin's trend from a cyclical perspective, believing that it is still in a typical post-halving recovery phase. Historically, Bitcoin often takes a long time to return above miner costs, and currently this cost is around $95k, with the market average cost basis at about $80k, meaning that upward movements may still be accompanied by selling pressure from those breaking even.
They also add that although the four-year halving cycle is not a strict rule, it does influence market behavior over the long term. As the market matures, future volatility may be smaller than in the past, but the cyclical logic will not completely disappear.
In a nutshell: funds have not left crypto; they are just rotating among different assets, and Bitcoin is still in the middle phase of cyclical recovery.