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XWIN: Bitcoin Lags Record Stocks as ETF Flows Turn Negative and Liquidity Thins
Global equities have pushed to fresh highs, while Bitcoin (BTC) trades nearly 42% below its all-time peak. XWIN Japan argues the gap reflects different drivers—stock gains tied to AI-related earnings and buybacks, versus BTC's reliance on new liquidity, as spot Bitcoin ETFs saw more than $3.5 billion in outflows since May 15. The firm says a recovery would likely require stronger ETF inflows, higher on-chain activity, and a better Coinbase Premium.