People used to think: crypto is crypto, and the stock market is the stock market. Now? As global liquidity tightens, $BTC takes the first hit; U.S. Treasury fluctuations cause altcoins to go wild. With more institutions entering the space, it’s essentially been integrated into the global risk asset system. The Fed, the Dollar Index, interest rates, geopolitical risks… all these things that no one in crypto cared about before can now influence the market trends. So you’ll notice: what truly drives the market these days is often no longer about 'what’s happening on-chain,' but whether global money is still willing to take risks.