Belet: Bitcoin's mood is changing, and the trend towards decoupling from the United States stock is emerging

On August 11th, Robert Mitchnick, the digital asset manager in Beled, stated that, in the past month or so, there had been a "manifest but delicate" shift in mood in the Bitcoin market. At the beginning of the year, bitcoin was gradually decoupled from the United States stock, which had previously been depressed by BTC ' s performance due to the large increase in AI equities, which had been unfavourable. Mitchnick points out that in July, when AI stock returned significantly, Bitcoin performed significantly better than the US stock. In his view, the decoupling was healthy, as a number of investors viewed bitcoin as a decentralization tool in the portfolio and could be used to hedge the tail risks to other assets. At the same time, it was suggested that bitcoin ETF investors as a whole remained largely capital-driven and long-term held. In terms of financial flows, last week the United States had a net inflow of bitcoin ETF over five consecutive trading days, totalling approximately $853.5 million, the best single-week performance since mid-April. Of this amount, Beled IBIT net inflows amounted to $693.7 million, or more than 80 per cent of the total spot net inflows of bitcoin ETF; the related ETF net inflows were $116.4 million, or about 13 per cent. Mitchnick states that Bitcoin has traditionally been highly volatile and has so far experienced five rounds of major boom and crash cycles, with prices at the end of each round significantly higher than in the previous round, but with high fluctuations。