Wintermute analyst: BTC outperforms US stocks possibly due to capital rotation, with funds beginning to shift towards crypto assets in stages

Odaily reported that Wintermute analyst Jasper De Maere stated that over the past two months, crypto assets have significantly underperformed other asset classes, which may be one of the reasons for the current relatively strong differentiation. He believes that digital assets are different from stocks and are not directly affected by macro narratives such as supply chains and energy costs, which has become a relative advantage in the current market environment. Stocks and crypto assets have gradually become "alternative risk assets." Against the backdrop of uncertainty suppressing capital inflows into stocks, some capital may be rotating into digital assets. However, he also warned that this outperformance may not be sustained. If geopolitical tensions lead to further increases in energy prices, pushing up inflation and weakening expectations for interest rate cuts, it could put pressure on the crypto market. In the short term, the market will continue to maintain a high volatility state, and clearer macro direction is needed.