[HTX DeepThink: US Stock Market Rebound Fails to Boost BTC; Crypto Market Faces Independent Supply and Demand Imbalance] Chloe, a columnist for HTX DeepThink and a researcher at HTX Research, points out that the performance of US stocks and crypto assets diverged further this week. Inflation stickiness, real interest rates, and the sustainability of corporate profits are becoming core variables in market pricing. Inflation data reinforced market expectations for further monetary tightening in December. If inflation fails to improve significantly, the high-interest-rate environment may continue to suppress valuations of tech stocks and capital inflows into the crypto market. While major US stock indices saw a rebound this week, there was significant divergence within the tech sector. The AI industry chain continues to face valuation adjustment pressures, and the contradiction between high capital expenditures and profit realization cycles is gradually becoming a focus of market attention. The high yield on 10-year US Treasury bonds also further increased the valuation discounting pressure on growth assets.