For the next period, we need to watch the performance of the U.S. stock market.

Just like during the first significant drop in Bitcoin when altcoins didn't follow, and during the second slight drop in Bitcoin when altcoins directly halved, recently Bitcoin has actually been less correlated to the decline of U.S. stocks than usual, remaining relatively strong. However, if the U.S. stock market confirms a decline, the first asset to see a withdrawal of funds will be Bitcoin.

This is explained by the risk-averse mentality: when people confirm that there will be continued declines (or a halt in increases), the first reaction is to withdraw from high-volatility and profitable assets, which provides an explanation for the above phenomenon.

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