Bitcoin is standing still while the rest of the market is running laps. Over the past month, as the S&P 500 continues to clock record highs and new IPOs explode out of the gate, Bitcoin hasn’t broken past its last high set on May 22.
Adam Parker, the founder of Trivariate Research, told clients that Bitcoin’s behavior is starting to look less chaotic. “Bitcoin appears to be trading slightly differently now than previously,” Adam said, adding that the coin’s movement is now more in sync with “high-quality growth stocks” rather than the “hyper-growth junk stocks” it used to mirror. That change, he said, is why some in traditional finance circles are beginning to treat Bitcoin like a real asset.
Institutional investors pour into Bitcoin ETFs despite flat prices
Even though Bitcoin’s trading has been rangebound for weeks, big players aren’t backing off. The iShares Bitcoin Trust (IBIT) pulled in more than $4 billion over the past month, based on data from FactSet. That’s a huge inflow considering the coin’s price hasn’t moved much.
Adam explained this by pointing to Bitcoin’s growing connection to the traditional financial system, especially through products like ETFs and financial advisor custody offerings.
He also pointed out a basic math problem that could drive the price higher over time. “The number of millionaires on Earth now far exceeds the number of Bitcoins,” Adam said, adding that this imbalance between rising global wealth and Bitcoin’s fixed supply could push demand even further. He argued that some investors believe the asset could still deliver annual returns near 60%, just as it has over the last fifteen years.
While Bitcoin’s price is stable, crypto speculation hasn’t disappeared. Attention has moved to names like Circle Internet Group, which went public at $31 and has since surged nearly 500%. That rise hasn’t convinced everyone. Kenneth Worthington from JPMorgan slapped Circle with an underweight rating—even though JPMorgan helped run the IPO. That contradiction highlights the skepticism still lingering around newer crypto-related companies.
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