Just saw @TJ_Research mention that Bitcoin's weaker performance compared to US stocks is mainly due to miner sell-offs. Based on the data I compiled two days ago, BTC's price has actually done okay, considering it has risen from the bottom during the US-Iran conflict to now. While it’s weaker than the Nasdaq, its growth rate has surpassed the S&P 500 over the past two months. Looking at miners' Bitcoin holdings data, there are indeed signs of sell-offs in the past two weeks, but the amount isn’t significant. Especially compared to the heavy accumulation by miners last month, the current sell-off is just a tiny fraction. Miners' holdings aren’t looking too bad overall. If we’re really going to say Bitcoin’s growth potential is falling behind US stocks, I personally think it’s more due to the recent back-and-forth between Iran and the US. This has led to weaker trading activity among spot ETF and spot Bitcoin investors, with reduced buying power being the main reason.