[Analysis Suggests Bitcoin Stabilization May Signal the End of Painful Trades] On November 24, Academy Securities strategist Peter Tchir warned that cryptocurrencies, artificial intelligence infrastructure development, and passive investment funds in U.S. stocks have become highly interconnected. Through ETFs like QQQ, billions in pension and hedge funds are deeply tied to the capital expenditure cycles of crypto treasury companies and AI giants. On October 11, Bitcoin plummeted from $122,000 to $105,000 during U.S. stock market closing hours, with the sharp sell-off creating liquidity pressure on crypto assets and related stock portfolios. Tchir believes that Bitcoin stabilization will be a signal confirming the end of painful trades. Goldman Sachs trader Brian Garrett noted that clients are increasingly viewing Bitcoin's performance as a barometer for risk appetite.