Is crude oil driving the ups and downs of US stocks and Bitcoin prices? While the market is still debating whether AI can support valuations, two top Wall Street institutions have already given completely different answers: what’s truly driving the market is crude oil. Crude oil determines the bond market, the bond market determines risk assets, and until oil prices stop rising, all valuation logic for US stocks, including the AI narrative, is just a downstream variable. The rise and fall of US stocks will impact Bitcoin price trends.