U.S. stocks hit new highs every day! But crypto stocks suddenly fall behind—has the bull market started to bifurcate?

The S&P and Nasdaq continue to set new record highs, and Wall Street's recent state looks very much like “it simply can't fall.”
But strangely, crypto stocks are beginning to diverge.
Coinbase is volatile, mining companies are weak, and some on-chain concept stocks are even starting to pull back from high levels.
What does this indicate?
The market's money is starting to become smarter.
In the past, as long as BTC rose, crypto stocks would collectively take off. Because the market logic was simple and crude: “Coin up = entire industry profits.”
But now, it's different.
Institutions are starting to seriously consider profitability, cash flow, and business structure. Companies that only rely on “Web3 storytelling” are increasingly difficult to achieve high valuations.
Another key reason: AI is stealing traffic.
Now, the hottest label on Wall Street isn't Crypto, but AI. Many funds are shifting from crypto concepts to AI concept stocks because they are less volatile, more regulated, and easier to demonstrate profitability.
This is also why U.S. stocks are hitting new highs, but crypto stocks aren't celebrating in sync.
Additionally, the crypto market itself is beginning to “de-bubble.”
After ETFs became available, Bitcoin is increasingly resembling traditional financial assets, with reduced frequency of sharp rises and falls. As a result, some high-leverage concept stocks are losing their appeal.
The market is shifting from an “emotional bull” to a “structural bull.”
The most dangerous thing in the future may not be the lack of hot topics, but the rapid switching of hot topics. Yesterday it was MEME, today it's AI, and tomorrow it might be RWA.
The reason retail investors are most likely to lose is that they always chase the last train. #JaneStreet减持比特币ETF