What Uncle Cat said is actually quite interesting. I remember in the past I often used data to tell everyone that $BTC and the US stock market are largely consistent. At that time, Bitcoin was rising but not falling, and then BTC was significantly leading. Today, it has reversed; although we are still discussing the correlation between the US stock market and BTC, they are still consistent in the larger direction.

Currently, I do not see systemic risks in the US stock market, and similarly, I do not see systemic risks in cryptocurrencies. The lack of upward momentum was speculated in yesterday's homework, but this situation should still rebalance with the pullback of the US stock market.

Although it may not be well-received, I still have to say that the current market liquidity is insufficient to support the entire cryptocurrency market to achieve the bull market of 2021. At most, BTC can experience a slow bear market like the golden 10 years, and whether $ETH can replicate BTC's path may still depend on the thoughts of "Wall Street."

PS: I suggest everyone take a closer look at the data of spot ETFs. The buyers of ETFs are highly overlapping with the US stock market. Although they also chase highs and sell lows, it can be seen that most investors have a FOMO sentiment towards the current cryptocurrency market.

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