Bitcoin Left Behind as US Equities Boom Amid Weak Consumer Confidence

Glassnode, a leading on-chain analysis platform for the cryptocurrency market, has highlighted that consumer confidence in the US remains weak, causing investors to shift towards equities and overlook Bitcoin.

The company's report notes that consumer confidence in the US has fallen to a record low while stocks continue to reach new highs. This is driving money into equities, particularly those related to AI, at the expense of Bitcoin.

Glassnode argues that weak consumer sentiment is accelerating a shift of capital from cash assets to equities and commodities as investors seek higher returns by investing in riskier assets. However, Bitcoin is not benefiting enough from this capital movement, lagging behind the stock market throughout the summer.

The analysis company notes that Bitcoin's current price of around $63,000 is roughly half its peak seen in October 2025 and has been stuck between the midpoint of its realized on-chain costs of approximately $63,000 and the average cost level for short-term investors of $68,700. Regaining this level with strong volume and ETF inflows could be a significant sign of recovery in the Bitcoin market.