Monday wasn’t exactly peaceful. Both Japan and China had some impact on the U.S. economy. Right after Sanae Takaichi’s victory, China started reducing its U.S. debt exposure. Although the risk markets were a bit turbulent, the impact didn’t seem too significant. U.S. stocks rebounded from a lower open and moved upward, pulling BTC back above $70,000. Overall, market sentiment still feels healthy. There’s no clear reason for this drop yet, so we’ll need to watch more data. However, U.S. stocks are showing decent resilience. While crypto tends to move in sync with U.S. stocks, especially tech stocks, it’s more like synchronized movement but not at the same frequency. Due to liquidity issues, the previous pattern of sharper drops and stronger rebounds has shifted to sharper drops and weaker rebounds. The S&P 500 is almost back to new highs, but Bitcoin is still down 40%. To break out of this situation, either the crypto industry needs stronger stimulus, or liquidity needs to recover. Of course, if the market expects a significant rate cut, that would also be good news for crypto. Looking at Bitcoin’s data, today’s turnover isn’t particularly high, and investor sentiment remains relatively subdued. Although there was some volatility during the day, it didn’t trigger panic. Crypto investors have built up strong psychological resilience. Currently, short-term investors are still dominating the turnover, while early investors haven’t made any major moves. The token structure is also very stable, which is the biggest difference this time around. If early loss-making tokens were participating in turnover on a large scale like before, the $60,000 price level probably wouldn’t hold. But for now, things feel pretty healthy. @bitget VIP, lower fees, bigger perks!