Bitcoin (BTC) has seen a surge in price, buoyed by positive U.S. jobs data and growing optimism around China’s stimulus measures.
According to Nansen analyst Aurelie Barthere, bitcoin’s recent underperformance compared to U.S. and Chinese equities is due to the perceived domestic focus of Beijing’s stimulus packages. Barthere noted, “Hang Seng and Chinese equities have outperformed bitcoin since the stimulus was announced. One reason could be that the Chinese measures primarily affect the domestic economy rather than having a global or U.S. economic impact.”
Meanwhile, analysts at Bitfinex have expressed concerns about market uncertainty, which has been hindering passive flows into tail risk assets like BTC. “Uncertainty needs to reduce for asymmetric passive demand to return to Bitcoin flows,” the Bitfinex analysts stated.
