Wintermute Analyst: Capital has begun a phased shift towards cryptocurrencies, and BTC outperforming US stocks may be due to capital rotation

Odaily Planet Daily reports that Wintermute analyst Jasper De Maere stated that the significant underperformance of cryptocurrencies compared to other asset classes over the past two months may be one of the reasons for the current relative strength divergence. He believes that digital assets are different from stocks and are not directly affected by macro narratives such as supply chains and energy costs. This has become a relative advantage in the current market environment, as stocks and cryptocurrencies are gradually becoming “alternative risk assets.” In the context of uncertainty suppressing stock capital inflows, some capital may be rotating into digital assets. However, he also warned that this outperformance may not last. If geopolitical tensions lead to further rises in energy prices, boosting inflation and weakening rate cut expectations, it could put pressure on the crypto market. In the short term, the market is expected to remain highly volatile until a clearer macro direction emerges.