Today is another day when the US stock market fell and Bitcoin rose. The decline in the US stock market should be multi-faceted. If the previous two days were still due to bank stocks, Visa and MaskerCard both showed signs of rebound today. If we were to say that the first tier of credit card damage should be these two. Then it was the bank stocks that reported lower than expected profits, leading to a decline in the financial sector. Technology stocks were also busy, with Amazon, Tesla, Microsoft, and Meta all experiencing a 2% decline. Both finance and technology tend to prosper and lose. The expansion of technology stock valuation drives the overall market, and financial stocks benefit from increased lending and investment banking activities. Of course, this decline is not an issue of AI essence narrative, nor the beginning of AI foam. It is more like a balance based on the expected financial report. The decline of financial stocks reflects more concerns about interest margin, bad debt and capital efficiency, while the callback of technology stocks is a natural response of high valuation assets under the contraction of risk preference margin. The strength of Bitcoin precisely indicates that the market has not entered a comprehensive decline in risk appetite. When the market begins to reassess the uncertainty of bank profits, credit expansion, and corporate profits, BTC, an asset that does not rely on cash flow, does not require credit endorsement, and has liquidity, naturally becomes a temporary stop for funds. The last time this happened happened was in 2023 when Silicon Valley Bank went bankrupt. At that time, the US financial sector was under pressure, and technology stocks were experiencing increased volatility. However, Bitcoin became a safe haven for funds to hedge against systemic credit uncertainty. But these deviations may not necessarily be long-lasting. Returning to the data of Bitcoin, the increase in price has led to an increase in turnover rate, which is also expected. From the trading volume of Coinbase, it has been significantly increasing for two consecutive days. And today's trading volume is higher than yesterday, with no more than 20 transactions exceeding this high in the past year. However, it's really hard to say how long this phenomenon can last. From the perspective of chip structure, it is still very stable at present, and the high adsorption force is also very strong. However, there are not many turnover below $90000, resulting in an overly dense range of $85000 to $95000. However, most of the changes now are short-term investors and need to be settled. However, there has been no qualitative change in the overall narrative and monetary policy at present. @bitget VIP， Lower rates and more generous benefits