Wintermute's report released today strongly supports my research conclusions below. In terms of correlation, Bitcoin and the US stock market have a correlation coefficient as high as 0.8. However, recently, it's been mostly negatively skewed—when the US stock market rises, the crypto market doesn't follow, but when the US stock market drops, the crypto market has to follow. Wintermute believes the reason is that the stock market's tech stocks are attracting funds. I think this explanation is incomplete. The core reasons, besides the strong appeal of the US stock market, also include the massive bull market in gold, the bull markets in South Korea, Japan, and China's A-shares, as well as the selling pressure from long-term holders within the crypto market. If we view the entire market as a crypto ecosystem, gold corresponds to BTC, the US stock market corresponds to ETH, and the current crypto market is like altcoins and VC tokens. The current narrative and prices make it hard to attract capital allocation.