Wintermute analyst: Capital has begun a phase of shift towards crypto assets; BTC's outperformance of US stocks may be due to fund rotation.

Wintermute analyst Jasper De Maere stated that the significant underperformance of crypto assets compared to other asset classes over the past two months may be one reason for the current relative strength divergence. He believes that digital assets differ from stocks and are not directly affected by macroeconomic narratives such as supply chains and energy costs, which becomes a relative advantage in the current market environment. Stocks and crypto assets have gradually become "alternative risk assets." Against the backdrop of uncertainty suppressing equity inflows, some capital may be rotating into digital assets. However, he also warned that this outperformance may not be sustainable. If geopolitical tensions lead to further increases in energy prices and push up inflation, weakening expectations of interest rate cuts, it could put pressure on the crypto market. In the short term, the market will remain highly volatile, awaiting a clearer macroeconomic direction.