BTC and U.S. stocks’ “tear-apart” move is the most dangerous signal

In the past few years, BTC and U.S. stocks have basically risen and fallen together. But this year, a strange phenomenon has emerged: U.S. stocks are going up while BTC is going down. U.S. stocks: the Dow hits new highs; AI tech stocks have pulled back, but the overall trend is still upward.
BTC: down 32% this year, from $126K to $59K—what does this “tear-apart” mean? → Crypto is being priced independently and no longer “riding along” with U.S. stocks → The market has no confidence in crypto’s “independent narrative” → Capital would rather chase the AI bubble than buy the dip in crypto, before crypto rises again because of “liquidity overflow.” Now liquidity is there, but it’s not overflowing into crypto anymore. This is more terrifying than a “global shortage of money”—it’s that the world has money, but it doesn’t want to give it to you. #BTC #美股 #相关性 #CapitalFlow