**[America Downgrades U.S. Stocks to "Neutral": If Upside is Limited, Funds May Rotate to Bitcoin]** According to a report by Jinse Finance, America has downgraded its rating on U.S. stocks to "neutral," pointing out that the current valuation of U.S. stocks is about 35% higher than the global market, significantly above the 4% average premium level since 2010. The firm believes that a weakening U.S. dollar and policy uncertainty in the U.S. are accumulating structural downside risks, although the application of AI is still expected to support corporate earnings growth. On the macroeconomic front, U.S. January PPI rose 0.5% month-on-month, reinforcing market uncertainty about the Federal Reserve's rate-cutting path and cooling risk appetite. Bitcoin briefly fell below $65,500, mirroring the intraday trend of the S&P 500. Meanwhile, the yield on the U.S. 10-year Treasury note fell from 4.21% three weeks ago to 3.97%, indicating a temporary flow of funds into safe-haven assets. However, America has not made an extremely bearish judgment and still maintains a year-end target of 7,500 points for the S&P 500. Analysts believe that if the overall upside potential of U.S. stocks is limited, capital may undergo structural rotation. Against the backdrop of gold's market capitalization rising to $36.5 trillion, Bitcoin is still seen as one of the potential beneficiary assets. If large corporations or sovereign funds establish strategic Bitcoin reserves through ETFs or other means in the future, market sentiment could improve. However, before that happens, the probability of Bitcoin significantly decoupling from U.S. stock trends remains relatively low.