The same world, three completely different capital markets—so surreal! A-shares: The higher-ups keep releasing positive signals and making statements, yet the trading volume shrank to 642.8 billion, hitting a new low for the year. U.S. stocks: A single earnings report from SpaceX pushed the Nasdaq up 1.05%, and the semiconductor index soared 1.97%. Just a few days ago, everyone was shouting about AI and debt crises, and now it’s all forgotten. A-shares are waiting for policy lifelines, U.S. stocks are surviving on earnings reports, and Bitcoin is breaking out and climbing higher. BTC is awesome!