⚡️This chart is very interesting—

In the past two months, Ethereum (green) and the Nasdaq NDX (orange) have moved almost in mirror sync, until recently when a noticeable divergence began to appear.

My own interpretation has two layers:

1⃣ The correlation between $ETH and the Nasdaq is essentially the basketization of financial assets:

The market treats it as an extension of tech stocks: high risk, high growth, following the same logic as AI and semiconductors. This was validated when ETFs were launched and institutions increased their positions.

The current divergence seems more like a pre-adjustment before interest rate cuts. Tech stocks are still holding up, while ETH has preemptively released risk, which may appear weaker in the short term, but actually has room to absorb the next wave of liquidity.

2⃣ The fundamentals of ETH have not changed:

- The incremental funding channel for ETFs is still expanding

- The long-term supply contraction logic still holds

- The Federal Reserve has repeatedly mentioned "stablecoins," and the logic of on-chain finance based on ETH remains unchanged

These catalysts have not disappeared; they just haven't fully materialized. The current decline feels more like emotional fluctuation rather than a breakdown of logic.

Therefore, I personally tend to view this as the market shifting gears.

Short-term misalignment often presents mid-term opportunities! With proper expectation management and position management, there’s no need to fear a downturn!

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