While looking at the data today, I noticed that the negative correlation between the S&P 500 and crude oil is still pretty strong. This is what I mentioned a few days ago—by looking at oil prices, you can roughly gauge the trend of the U.S. stock market. Recently, as crude oil prices have been rising, the U.S. stock market has been trending downward. However, Bitcoin's movement has been a bit different. You can clearly see that when the S&P 500 continues to drop, BTC seems to be holding its ground and not falling as much. Of course, this doesn’t mean Bitcoin is reversing immediately. It’s more likely related to the overselling of Bitcoin compared to the U.S. stock market back in November and December of last year, as well as January of this year. The overselling in January was particularly significant. This kind of overselling might lead to two possibilities: 1. Most of the panic-driven investors have already exited the market. Unless there’s a new, larger-scale panic, the likelihood of a massive sell-off is relatively low. 2. Although buying power isn’t particularly strong right now, investors are betting on a rebound after the overselling. For example, if the war ends, oversold assets might see the strongest rebound. That said, the current focus is still on the geopolitical tensions between Iran and the U.S. If the conflict escalates, it could increase the likelihood of all risk assets trending downward. But if there’s an expectation of the conflict ending, the rebound could be even stronger.