Even if US stocks open higher tonight, I won’t chase. Nasdaq futures are up about +0.45% pre-market, but this is just a rebound after yesterday’s tech stock plunge, not a return of risk appetite. The real issue is: rising oil prices are pushing inflation and interest rate expectations higher again, and high-valuation AI stocks are still facing valuation compression. BTC is giving a more direct signal: after consistent inflows recently, yesterday saw a sudden net outflow of $225 million from US spot BTC ETFs. The marginal flow of funds has already shifted. My personal take: US stocks tonight will likely see a “gap up followed by divergence,” and BTC remains weak in the short term. In terms of strategy, I won’t chase Nasdaq’s gap up, nor will I rush to bottom-fish BTC. If even the most sensitive BTC isn’t willing to price in Risk-On ahead of time, then I’d rather interpret a single rebound candle in US stocks as a chance to reduce positions, not the start of a new rally.