Coinbase Institutional: Bitcoin outperforms US stocks; crypto market may be gradually emerging from its "extreme pessimism period".

Coinbase Institutional, in an analysis published on its X platform, points out that amid recent geopolitical turmoil disrupting traditional financial markets, sentiment in the crypto market may be shifting, particularly with Bitcoin's relatively strong performance. Since March of this year, Bitcoin has outperformed the US stock market, leading market observers to believe that the crypto market may be gradually emerging from a period of extreme pessimism. Recent macroeconomic data shows that US non-farm payroll growth is cooling, challenging the previous narrative of a resilient labor market. Simultaneously, Bitcoin's value proposition as a relatively independent asset may be further enhanced in the eyes of institutional investors. Furthermore, the rise in systemic leverage ratios reflects improving participation in the crypto market. However, the market remains cautiously optimistic, with investors awaiting further confirmation of the trend and continuously monitoring whether market participation can support a sustained upward trend.