Bitcoin lost 44% over the past year while the Nasdaq gained 24%, creating a 68-point gap in favor of equities. Over 60 days, Bitcoin recovered 2% while the Nasdaq fell 3%, a 73-point swing reflecting capital rotation from stocks to crypto. Ethereum and Solana posted even sharper rebounds, gaining 12% and 10% over 60 days after falling 56% and 58% over one year respectively. US spot Bitcoin ETF flows show signs of stabilization, with net inflows of approximately $967 million in August through August 18, though spot volumes remain thin. Glassnode remains cautious, noting that a genuine turnaround requires consistent ETF flows and a recovery in spot trading volumes.
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