Bitcoin has lagged record-setting equities as investors favor AI-related opportunities. Researchers at Hashdex and Charles Schwab argue the divergence may be temporary, citing rising crypto usage and familiar post-halving market behavior.
Bitcoin has lagged record-setting equities as investors favor AI-related opportunities. Researchers at Hashdex and Charles Schwab argue the divergence may be temporary, citing rising crypto usage and familiar post-halving market behavior.
Bitcoin has struggled to recover alongside record-high equity markets, trading just below $62,000 and more than 50% beneath its October peak. New outlooks from Hashdex and Charles Schwab suggest the gap may be temporary, though the firms offer different explanations.
Bitcoin has struggled to recover alongside record-high equity markets, trading just below $62,000 and more than 50% beneath its October peak. New outlooks from Hashdex and Charles Schwab suggest the gap may be temporary, though the firms offer different explanations.
Hashdex attributed crypto’s weakness partly to competition for investor attention. Chief Investment Officer Samir Kerbage said capital has shifted toward AI infrastructure, initial public offerings and interest-rate positioning, overshadowing developments within the digital-asset ecosystem.
The firm pointed to continued expansion in institutional infrastructure across banks, brokers and payment providers, alongside improving U.S. regulatory clarity. It also reported that first-half stablecoin transaction volume surpassed the total for 2025, tokenized real-world assets grew more than 60% this year, and broader crypto transactions reached record levels in the second quarter.
Charles Schwab examined bitcoin’s historical cycles instead. Digital currencies research director Jim Ferraioli said the extended recovery remains broadly consistent with previous post-halving periods, despite expectations that institutional adoption and spot exchange-traded funds would change bitcoin’s established pattern.
Ferraioli estimated that less-efficient miners face production costs near $95,000, while the average investor cost basis is around $80,000. Those levels could create selling pressure as holders recover losses, although he said the halving cycle’s influence may weaken as bitcoin matures and volatility declines.
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