What this shows:

• Capital clearly rotated toward traditional assets amid high interest rates and macro uncertainty.

• Crypto significantly underperformed equities, marking one of the widest performance gaps in years.

• Institutional money favored predictable cash flows, buybacks, and AI-driven equity narratives over high-volatility digital assets.

Bottom line: 2025 became a year of capital divergence, not risk-on euphoria. Crypto moved into a consolidation phase, while U.S. equities absorbed the bulk of global liquidity — a setup that may define positioning going into 2026.