Looking at the relative performance of the US stock market and $BTC over this period, we can debunk one commonly mentioned assumption: If the US stock market pulls back, $BTC will crash. (Especially for those expecting $BTC to drop to 40k/30k and using this as their core logic). At least for now, this hasn’t happened. Despite consecutive drops in AI stocks and multiple bearish factors like Strategy selling large amounts of crypto, $BTC has still maintained a price around 60k. While we can’t yet confirm through data that some funds from the US stock market have shifted back into crypto, one logic we mentioned before seems to hold true: At this stage, the clearing of “panic selling” and “supply-side exhaustion” plays a much bigger role in forming a bottom than the recovery of demand. As for when demand will recover? And how much? That will affect the duration of bottom consolidation and the future ceiling, but not the floor. $BTC might retest previous lows again, but it doesn’t necessarily follow the logic of “US stocks drop, $BTC drops too.” (ps: The examples in the chart are purely for discussion and illustration purposes, not meant as criticism. Everyone has the right to express their personal views. Names and accounts have been erased—this is about the issue, not the individual.)