This question is quite interesting—the financial markets in 2025 are diverging. The S&P 500 has been soaring, with a cumulative increase of over 16%, hitting a new all-time high. Meanwhile, Bitcoin hasn't been as strong, falling 3% for the year and retreating nearly 18% in the second half. The trends of these two markets are completely opposite, a situation not seen since 2014.

Mainstream cryptocurrencies like SOL, XRP, and BNB haven't escaped the adjustment either, and the underlying logic is actually quite complex. On one hand, regulatory policy uncertainty has been hanging over the market. On the other hand, after the launch of Bitcoin spot ETFs, the market's incremental momentum has actually weakened. Third, the leverage structure and liquidity environment in the market are changing, all of which put pressure on coin prices.

In contrast, traditional stock markets are much more comfortable. Corporate earnings have exceeded expectations, AI-related stocks are rising steadily, pulling the entire market upward.

Interestingly, the correlation between Bitcoin and the US stock market has significantly weakened. This has changed some people's understanding of asset allocation. Listed companies holding cryptocurrencies and mining enterprises are also feeling the pressure. Institutional investors' views vary widely—some are bearish, while others remain optimistic. Moving forward, regulatory policies, liquidity supply, and changes in market structure will all be key variables.