An analysis suggests that Bitcoin (BTC) has begun to decouple from the US stock market and is transforming into a hybrid asset. XWIN Japan, a CryptoQuant contributor, analyzed, "From 2020 to 2022, BTC and the S&P 500 moved in the same direction, but in 2025, BTC showed significant volatility unlike the S&P 500. In terms of spot net purchases and ETF fund inflows, BTC is reacting more strongly to liquidity cycles and institutional demand. This suggests that BTC is evolving from a simple risk asset into a hybrid asset that is sensitive to macro liquidity while following its own unique market structure." XWIN further predicted, "If the Federal Reserve's dovish monetary policy stance, a weaker dollar, and a resumption of ETF fund inflows coincide, BTC could emerge not as an asset that follows tech stocks, but as an alternative asset that independently absorbs liquidity."