Too sharp! The giant VanEck, managing $200 billion in assets, has broken down the logic behind Bitcoin's next rally and the real sentiment in the derivatives market with absolute clarity. VanEck pointed out that Bitcoin's correlation with the Nasdaq Index is currently at its highest level in nearly five years. The recent strength is largely a direct reflection of the resilience of U.S. stocks. If U.S. stocks come under pressure and decline, a Bitcoin pullback would be entirely logical. However, the real reason they remain bullish lies in the performance of the derivatives market. Right now, the futures and options markets aren’t flooded with overly bullish sentiment. The current rally is more driven by short-covering, and many investors are still paying a premium for defensive protection. From a contrarian trading perspective, this widespread cautious stance in the market is precisely the natural fuel for prices to continue climbing higher. An even more historically significant variable is the actions of sovereign funds. VanEck revealed that this year, central banks have officially announced adding Bitcoin to their foreign exchange reserves. This marks a massive macro-level turning point, signaling that Bitcoin is shedding its label as a single-risk asset and stepping into the deep waters of large-scale cross-border trade and global settlement. When forces at the national level begin adopting it as a long-term reserve asset, this irreversible macro trend will undoubtedly drive prices back to new highs.