[Analysis: Bitcoin Outperforms U.S. Stocks Amid Macro Turmoil, Crypto Market May Gradually Exit 'Extreme Pessimism'] Coinbase Institutional posted an analysis on the X platform, pointing out that the latest macro data shows U.S. non-farm employment growth is cooling, challenging the previous narrative of a 'resilient labor market.' At the same time, Bitcoin's value proposition as a relatively independent asset may further enhance its appeal in the eyes of institutional investors. Additionally, the rise in systematic leverage ratios reflects improving participation in the crypto market. Against the backdrop of recent geopolitical turmoil disrupting traditional financial markets, sentiment in the crypto market may be shifting, particularly with Bitcoin showing relative strength. Since March of this year, Bitcoin's performance has outpaced the U.S. stock market. Market opinions suggest that the crypto market may be gradually emerging from the 'extreme pessimism' phase. However, the market remains cautiously optimistic, with investors still waiting for further confirmation of trends and closely monitoring whether market participation can sustain a continued upward trajectory.