#数字货币市场洞察 This year, the market has shown a rare phenomenon not seen in a decade: US stocks and Bitcoin have completely diverged.

The S&P 500 is up 16%. This surge is backed by expectations of Fed rate cuts, real improvements in the performance of tech and energy sectors, and signs of easing trade tensions, making risk assets naturally attractive. But what about $BTC? It’s down 3%.

Where’s the problem? Capital is getting more selective. Those seeking stability would rather buy safe-haven assets like gold than touch highly volatile cryptocurrencies. What’s worse, inflows into Bitcoin ETFs have clearly cooled off, and high-leverage players getting liquidated has triggered a chain reaction, causing market sentiment to cool rapidly. On top of that, tighter regulatory policies across countries have severely suppressed speculation.

This divergence actually signals something: the previous “rise and fall with US stocks” dependency of Bitcoin is loosening. Traditional stock markets have corporate earnings as support, so their moves are relatively steady. The crypto market, on the other hand, seems to be experiencing an “identity crisis”—is it a safe-haven asset or a risk asset? The market is still repricing.