This round of Bitcoin market performance is disappointing for the following reasons:

1. The trend is highly correlated with the US stock market and lacks independence;

2. Even if there are good news, such as halving, Ethereum ETF, and presidential candidates holding coin orders, they cannot drive the market;

3. Compared with large technology stocks, it performs weaker and follows the decline of the S&P index instead of rising, which is inferior to stocks such as NVDA/META/GOOG/AVGO;

4. It is greatly affected by US macro data and the attitude of the Federal Reserve, lacking independence and initiative;

5. It is obviously affected by US monetary policy and failed to respond to interest rate cuts in the EU and Canada, and its performance is relatively flat.