Since the beginning of the year, the US stock market has experienced a broad rally. Influenced by macroeconomic factors, crypto-related concept stocks have also followed the upward trend, but market enthusiasm is not evenly distributed.

Currently, investors' attention is mainly focused on leading crypto trading platforms (Robinhood, Coinbase, etc.), crypto ETF products, and mining companies that have successfully transitioned into AI businesses. In contrast, targets that solely focus on the DAT narrative have lost their appeal, except for a few top players (such as Strategy, Bitmine) which still have room for rebound. However, the performance of these targets remains highly influenced by policy developments in January.

Looking at this year's performance, crypto concept stocks have shown a stark contrast—some soaring while others lag behind. BitMine has the strongest rally, with a total increase of 345%, followed by IREN with a 300% growth, Cipher Mining gaining 250%, and Robinhood also performing well. In comparison, Strategy has been struggling, forming a sharp contrast with the leading players.

Interestingly, the S&P 500 has risen nearly 20% this year, while Bitcoin's price has actually fallen about 4%. This divergence reflects a decoupling phenomenon between crypto concept stocks and the coin prices—markets prefer companies with real businesses, profit expectations, or strategic transformations, rather than targets that simply follow the fluctuations of coin prices.