Trading Chat Room ---Why did US tech stocks rise while Bitcoin fell after the CPI data was released? Many people believe that as the US stock market rises, Bitcoin will inevitably follow suit. As a result, the trend of BTC today went against that of the US stock market. Let's first conclude that the CPI data 'meeting expectations' only gave risky assets a breathing space, but did not provide Bitcoin with a new' incremental narrative '. The rise of US technology stocks is due to the expectation of interest rate cuts, while the decline of Bitcoin is due to the reality of the stock game. Below, I will break it down into three layers of logic: The "positive" expectation of interest rates has already been priced. Before the release of the CPI, Bitcoin had already rebounded ahead of schedule. After the CPI was announced, it dropped from 3.5% to 3.4%, and the core CPI dropped from 2.6% to 2.5%, fully in line with market expectations. This means that the market has already digested most of the "interest rate cut expectations" before the data is released. The data landing only confirmed the known facts, without any unexpected surprises. The rebound of US technology stocks is due to the fact that interest rate cuts have indeed reduced the financing costs of technology companies, which is beneficial for future cash flow discounting. This is a direct and quantifiable transmission of positive news. As for Bitcoin, there is already a daily level deviation between volume and price. CPI, which is a lukewarm positive trend, naturally falls back in price after the positive trend turns negative. The short-term pricing logic of Bitcoin is a "stock game" rather than an "interest rate expectation". Currently, Bitcoin is in a typical stock game stage, with continuous net inflows from ETFs and selling by miners/companies offsetting each other, causing the price to be trapped in the range of 62000-66000 and unable to move. The positive CPI brings a short-term boost to macro sentiment, but it is not enough to attract large-scale entry of "new funds". Without incremental funds, Bitcoin lacks the motivation to continue rising. The rise in US stocks follows the logic of "decreasing financing costs", while Bitcoin requires the logic of "new money entering the market". The driving forces behind these two are completely different. 3. Bitcoin is following the logic of "selling facts". Before the release of CPI data, BTC rebounded from 63238 to 64500, and the market was already trading on the assumption that "CPI will meet expectations". After the data landed, the rebound sentiment was realized, and profit taking took the opportunity to leave, causing the price to naturally fall. This is a typical trend of "buying expectations, selling facts", with positive news landing and short-term game funds withdrawing. Core Summary CPI is positive, but it addresses "macro uncertainty" rather than "incremental funding issues". US tech stocks have valuation support from interest rate cuts, and what Bitcoin needs is new buying in real money. At present, the inflow of ETFs and the selling of miners offset each other, and the existing funds are insufficient to push the price to break through. Only when these three signals emerge, namely the large-scale influx of stablecoins into exchanges, the return of kimchi premiums, and the return of Asian retail funds, can Bitcoin truly emerge from a decent trend market. This is the real reason for the divergence between Bitcoin and technology stocks tonight.