TechFlow news, December 3: A Coinbase research report indicated that Bitcoin has significantly underperformed U.S. equities on a risk-adjusted basis and has broken below all major technical support levels. Amid the U.S. "K-shaped economy" recovery, AI-driven corporate profit growth has come alongside job displacement, dampening demand for risk assets. ETF funds recorded a historic net outflow in November, stablecoin supply contracted, and long-term holders are reducing positions. Experts recommend waiting for a high-volume rebound at key levels and improvement in ETF/stablecoin fund flows before re-entering the market, while noting that the "Bitcoin exceptionalism" narrative may continue to support its medium-term outlook.
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