In my opinion, the daily or even weekly fluctuations of BTC right now are essentially driven by its own internal logic. It may seem like it sometimes moves in sync with the U.S. stock market and sometimes doesn’t, but that’s just on the surface. The reason is that the capital flow is almost no longer interconnected. For example: When U.S. stocks rise, funds in the crypto space might get drained. But if U.S. stocks drop, would institutions sell off large amounts of BTC to bottom-fish stocks? Most likely not, or very rarely. The data we’re seeing shows that the distribution scale on the supply side has already hit a turning point, and the net holdings of long-term holders (LTH) are steadily increasing. Especially in the past few days, even during a significant pullback in U.S. stocks, there hasn’t been any extreme behavior from LTH. If today’s drop is a catch-up correction, I’d say it’s because BTC hit the short-term cost basis of $64k, leading to some short-term holders selling off as they moved from unrealized losses to breaking even. I mentioned this in my data analysis article a few days ago—it’s within expectations and aligns with the internal logic I described above. If the capital flow correlation between U.S. stocks and crypto weakens, then the price correlation will also decrease, and vice versa. More often than not, the current movements are driven by synchronized sentiment or sensitivity to overall liquidity. Over the past few days, the sentiment in the U.S. stock market and overall liquidity haven’t really impacted or transmitted to BTC, so naturally, they’re not moving in sync.