Under the macro "stress test" of #比特币披萨节# , Bitcoin demonstrates its safe-haven resilience.

As U.S. Treasury yields soar and Moody's downgrades credit ratings causing turbulence in the U.S. stock market, Bitcoin is staging a "counter-cyclical" breakout. The resilience of Bitcoin is not coincidental; three landmark events are paving the way for a new round of increases:
1. Cb joins the S&P 500: A milestone in traditional finance's "ice-breaking"
On May 19, Cb officially replaced Discover Financial as a component of the S&P 500. The significance of this event goes far beyond stock price fluctuations:
Symbolic meaning
Cryptocurrency has been included in mainstream financial indices for the first time, marking a qualitative change in the compliance process of the industry.
capital effect
Passive funds will be required to allocate COIN stocks, indirectly bringing hundreds of billions in incremental capital to the crypto market.
Regulatory Shift Signal
In the litigation game between Cb and the SEC, this move may force policy clarification.
2. The "buying spree" of Asian capital has begun
Japanese listed company Metaplanet spent $104 million to purchase Bitcoin, continuing MicroStrategy's "balance sheet strategy." At the same time, Strategy Inc. increased its holdings of 1,895 BTC at an average price of $95,000, bringing its total holdings to over 550,000 coins (valued at $57 billion), creating a positive feedback loop of "institutional accumulation - price increase."
3. The volatility market hides secrets
Despite Bitcoin's spot market being range-bound, the skew structure in the options market indicates a strong demand for call options. Matrixport's latest data shows that its market cap/realized cap ratio bull-bear indicator has returned to the bullish zone, a signal that accurately predicted the cycle acceleration in 2020. If this indicator continues to strengthen, Bitcoin may replicate historical trends and challenge new highs above $120,000.