#加密货币市场走势 The market movements in recent weeks have been quite interesting. Based on the data, Bitcoin's stabilization could signal the end of "pain trades." It's worth noting that cryptocurrencies, AI, and US stocks have become highly correlated. This correlation is mainly achieved through tools such as ETFs, which tie together pension funds and safe-haven capital with crypto treasuries and the capital expenditure cycles of AI companies.

From a capital flow perspective, if cryptocurrencies fail to stabilize, it could trigger a chain reaction, impacting not only tech stocks but potentially dragging down overall economic growth. Currently, many investors are viewing Bitcoin's performance as a bellwether for risk appetite.

Another noteworthy phenomenon is that MicroStrategy (MSTR) stock has become the preferred tool for hedging against market downturns. MSTR holds a large amount of Bitcoin, and its stock price is highly correlated with Bitcoin's movements. Due to insufficient liquidity in the crypto derivatives market, large funds are turning to MSTR options to hedge risk. This reflects that the crypto market infrastructure still has room for improvement.

Overall, the current connection between the crypto market and traditional financial markets is growing increasingly close, requiring a more comprehensive perspective to analyze and predict market trends. Going forward, I will continue to track on-chain data, monitor movements of large holders and capital flows, and provide more references for investment decisions.