Svmuu News: Although U.S. stock markets continue to hit new highs, while Bitcoin has performed relatively weakly so far this year, both asset management firm Hashdex and Charles Schwab believe this divergence will not persist for long.
Samir Kerbage, Chief Investment Officer at Hashdex, stated that while market capital is currently flowing more toward themes such as AI infrastructure, IPOs, and interest rate trading rather than digital assets, this reflects a shift in asset allocation rather than a deterioration in the crypto industry’s fundamentals.He pointed out that stablecoin trading volume in the first half of this year has already exceeded the full-year level for 2025, the size of real-world assets (RWA) has grown by more than 60% year-to-date, and transaction activity on crypto networks has also hit an all-time high—meaning the divergence between on-chain fundamentals and market valuations has reached a historic high.
Jim Ferraioli, Head of Digital Asset Research at Charles Schwab, noted that Bitcoin’s current trajectory remains consistent with historical patterns following previous halving events.Currently, the production cost for inefficient miners is approximately $95,000, while the average market holding cost is around $80,000; as prices rebound, there may still be some selling pressure from investors looking to break even. He believes that as the Bitcoin market gradually matures, the volatility of each future cycle may diminish.