分析师称比特币与股票背离是暂时的，因基本面加强

HashDex Chief Investment Officer Samir Kerbage and Charles Schwab’s Head of Digital Currency Research Jim Ferraioli analyzed Bitcoin’s recent underperformance despite US stock markets reaching all-time highs, attributing the divergence to capital rotation rather than fundamental deterioration. Kerbage stated that capital follows attention and investment narratives, with current focus on AI infrastructure investment, IPOs, and macroeconomic positioning based on interest rate outlooks. The analysis highlighted improving fundamentals: institutional infrastructure expanding through banks, brokerages, and payment companies; US regulatory environment becoming clearer with potential Congressional passage of the Clarity Act this summer; first-half stablecoin trading volumes already exceeding last year’s annual total; tokenized real-world assets growing over 60% year-to-date; and crypto ecosystem transactions hitting all-time highs in the second quarter.

On-Chain Metrics Show Robust Growth Despite Price Weakness

Stablecoin trading volume in the first half of this year already surpassed last year’s full-year total, according to HashDex’s analysis reported by CoinDesk. The scale of tokenized real-world assets (RWA) increased by more than 60% from the beginning of the year. Transaction counts across the crypto ecosystem recorded all-time highs in the second quarter. Kerbage noted that the gap between market capitalization and on-chain activity has widened more than ever, stating that the divergence between price and network fundamentals will not persist long-term.

Four-Year Halving Cycle Remains Intact According to Charles Schwab Analysis

Charles Schwab’s Jim Ferraioli assessed that the traditional four-year Bitcoin cycle remains valid despite expectations that the Bitcoin spot ETF launch would disrupt historical patterns. Ferraioli analyzed that current Bitcoin price levels largely align with recovery phases following past halvings. Historical cases show Bitcoin required over a year to recover from bear market lows to levels exceeding the break-even point of less productive miners, which Ferraioli estimated at approximately $95,000. Ferraioli stated that while the halving cycle is not an absolute market law, it has become embedded in investor psychology through repeated experience, and as Bitcoin matures, both volatility and the cycle’s influence will gradually diminish.

Bitcoin Price Levels and Key Resistance Zones Identified

Bitcoin surpassed $126,000 in October last year to set an all-time high, but subsequently declined sharply to trade around $63,000—approximately 50% below the peak. Ferraioli noted that the average investor’s purchase price stands at approximately $80,000, indicating potential profit-taking and break-even selling pressure may emerge in the loss recovery zone. The break-even cost for inefficient miners was estimated at around $95,000.

FAQ

Why did Bitcoin underperform while US stocks hit all-time highs?
HashDex CIO Samir Kerbage attributed Bitcoin’s underperformance to capital rotation toward AI infrastructure investment, IPOs, and macroeconomic positioning based on interest rate outlooks, rather than deteriorating digital asset fundamentals.

What on-chain data supports improved Bitcoin fundamentals?
First-half stablecoin trading volumes exceeded last year’s annual total, tokenized real-world assets grew over 60% year-to-date, and crypto ecosystem transactions hit all-time highs in the second quarter, according to HashDex analysis reported by CoinDesk.

What price levels did analysts identify as significant for Bitcoin?
Bitcoin peaked at $126,000 in October last year and currently trades around $63,000. Charles Schwab estimated inefficient miner break-even costs at approximately $95,000 and average investor cost basis at around $80,000.