Bitcoin rose last night while the US stock market slightly declined, and the underlying logic is worth analyzing. From a macro perspective, various assets are undergoing differentiation and reorganization.

The most direct trigger was the CPI data exceeding expectations—especially the continued decline in core CPI, which surpassed the market's previous pessimistic forecasts. This data directly dispelled a long-standing market concern: whether inflation would rebound. Although the data is not yet sufficient to trigger a rate cut in January, its role in restoring market confidence is evident.

Interestingly, this good news has different effects on different assets. Traditional stock markets may be more sensitive to expectations of economic slowdown, so their performance is relatively weak. The crypto market, on the other hand, pays more attention to liquidity and policy easing expectations. A decline in CPI indicates an opening of the future rate cut window, which has driven the rise of Bitcoin and other risk assets.

This week, the market has already faced its first real test, and so far, we have come through safely. The next step is to monitor the further evolution of inflation data, which will directly influence market expectations for monetary policy direction.