Bitcoin's Disconnect from Stocks Seen as Temporary

Bitcoin's lackluster performance this year has puzzled investors as it trades just below $62,000, down over 50% from its peak price in October.

According to researchers at Hashdex and Charles Schwab, the disconnect between Bitcoin's performance and record-high stocks is temporary. They argue that capital flows have shifted towards AI-related assets, overshadowing several structural developments strengthening crypto's long-term investment case.

Samir Kerbage, chief investment officer at Hashdex, pointed out that 'capital follows attention and narratives.' He noted that AI infrastructure plays, IPO pipelines, and macro positioning around rate expectations are absorbing the flows. Kerbage also emphasized that institutional infrastructure is expanding across banks, brokers, and payment providers.

The firm's data shows that stablecoin transaction volume has already exceeded all of 2025 in the first half of the year, while tokenized real-world assets have grown more than 60% year to date. The gap between market capitalization and on-chain activity has never been wider, Kerbage wrote.