# 相关性

BTC and U.S. stocks’ “tear-apart” move is the most dangerous signal
In the past few years, BTC and U.S. stocks have basically risen and fallen together. But this year, a strange phenomenon has emerged: U.S. stocks are going up while BTC is going down. U.S. stocks: the Dow hits new highs; AI tech stocks have pulled back, but the overall trend is still upward.
BTC: down 32% this year, from $126K to $59K—what does this “tear-apart” mean? → Crypto is being priced independently and no longer “riding along” with U.S. stocks → The market has no confidence in crypto’s “independent narrative” → Cap