What significant changes occurred after the midterm elections? What impact did they have on US stocks and Bitcoin? First, the change in Washington directly triggered a market turmoil. The Democrats swept both houses of Congress, Texas turned blue, and the US economy was severely impacted by the AI data center ban. With regulatory intervention, funds fled overvalued tech stocks. Nvidia fell over 3%, Micron Technology dropped nearly 10%, CoreWeave plummeted almost 10%, and chip stocks suffered heavy losses. The fleeing funds sought safe havens, causing the Dow Jones to surge 1500 points. This wasn't a rotation; it was a "political purge" of AI. Second, the Middle East crisis subsided, leading to a sharp drop and repricing of oil prices. Vance blamed the defeat on the Iran war, a claim Trump accepted. More importantly, with both houses of Congress under pressure, Trump's power to launch large-scale wars was severely hampered. The market immediately reacted, with Brent crude oil prices plummeting nearly 20% in two days. However, a major war between the US, Iran, and India is unlikely, but smaller conflicts will continue, and Iran will maintain tight control over the Strait of Hormuz. Oil prices will continue to fluctuate. Third, the illusion of a rebound: gold and BTC. Oil prices plummeted, but gold rebounded to $4,100, and Bitcoin recovered from $76,000 to $80,000. But don't be fooled; this is merely a technical rebound after an oversold condition. With a US-Iran war unlikely, risk aversion has cooled significantly. As long as US Treasury yields remain high, the US dollar index strengthens, and global liquidity continues to be withdrawn, gold and Bitcoin lack the macroeconomic foundation for a reversal. Fourth, mining companies defecting, BTC suffers a betrayal from its own side. Riot Platforms sold over 10,000 BTC in the third quarter, with the proceeds primarily used for the transformation of artificial intelligence (AI) and data center infrastructure, as well as fully repaying a $200 million Coinbase credit line. When miners discovered that developing AI was more profitable than accumulating cryptocurrency, they went from being the "biggest bulls" to being "continuous selling pressure." Xiaolong's core judgment: The US stock market is undergoing a brutal "de-AIization" portfolio rebalancing, shifting from narratives to cash flow. The current BTC rebound not only faces overt regulatory scrutiny but also the risk of covert attacks from mining companies. Don't mistake a market rebound for a reversal; a true one-sided trend is likely to emerge only after a genuine easing of liquidity.