The U.S. stock market and the crypto world are currently staging the most surreal scene of the year— the Nasdaq and S&P both hitting new all-time highs, the Philadelphia Semiconductor Index rising over 5%, and Micron surging 15%, with traditional funds soaring to new heights. But on this side, since April, after a 20% increase, $BTC has directly fallen below $81,000, and the four-hour trend has already turned bearish.

CryptoQuant provided a rather sobering assessment: a bear market rebound. Profit-taking is mass exodus, while whales are quietly accumulating. This split pattern of "big players buying up, retail investors fleeing" often indicates that the market has not yet reached a consensus.

Interestingly, the correlation between traditional risk assets and cryptocurrencies suddenly broke at this point. Is the U.S. stock market in its final frenzy, or is $BTC pre-pricing some kind of risk we haven't seen yet?