Coinbase: The Bitcoin market is dominated by fear, analysts predict a possible reversal

Coinbase's research report indicates that Bitcoin significantly lags behind U.S. stocks on a risk-adjusted basis and has fallen below all major technical support levels.

In the U.S. "K-shaped economy" recovery, AI boosts corporate profits but also leads to job losses, affecting the demand for risk assets. ETF funds recorded a historic net outflow in November, stablecoin supply is contracting, and long-term holders are reducing their positions. Experts suggest waiting for a rebound in key levels with high trading volume and an improvement in ETF/stablecoin fund flows before re-entering the market, and point out that the "Bitcoin exceptionalism" narrative may continue to support the mid-term story.