Wintermute Analyst: Capital Has Begun to Shift in Phases Towards Crypto Assets; BTC Outperforming US Stocks May Be Due to Capital Rotation

Odaily News Wintermute analyst Jasper De Maere stated that over the past two months, crypto assets have significantly underperformed other asset classes, which may be one reason for the current relative strength divergence. He believes digital assets differ from stocks and are not directly influenced by macro narratives such as supply chains and energy costs, giving them 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 trigger 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 remain highly volatile, awaiting clearer macro direction.