Why is Bitcoin performing so unusually?

Just look at the current market situation. Stocks hit record highs, gold broke records, silver is also high, real estate prices are soaring, copper prices are hot, and money market fund yields are hitting new highs. Even the US debt balance and fiscal deficit are hitting new peaks.

But what about the crypto market? Bitcoin has not kept up with this rally. In such an environment of widespread inflation, BTC, as a store of value and asset allocation tool, has performed relatively lagging. This inevitably makes people wonder—during an era when traditional assets are advancing together, why do digital assets seem out of place?