The nodes of market competition now are major macro events. The BRICS payment system will be launched on October 22. Once launched, it will directly detonate the US dollar, and some US dollar-denominated assets will plummet in the short term, especially US stocks. The launch of the BRICS payment system will greatly reduce the dependence on the Western-dominated Swift payment system. In this way, the status of the US dollar as the global reserve currency will be impacted, and US dollar assets, including US stocks and US bonds, will be under selling pressure due to the decline in demand, causing greater market fluctuations in the short term.

For Bitcoin, it is closely related to global liquidity to some extent. The volatility is still very large under the influence of high inflation, monetary tightening and geopolitical conflicts, so the high-risk attribute of Bitcoin is greater than its safe-haven attribute. The launch of the BRICS payment system is undoubtedly good for the RMB. In this context, A-shares, as a market less dependent on the US dollar, will attract more capital inflows under the dual benefits of currency + policy, especially when global funds seek safe havens. In contrast, Bitcoin's volatility and market uncertainty may be regarded as a higher-risk option in the short term, and funds will tend to flow to more stable markets, such as A-shares.

Secondly, more and more institutions are entering the Bitcoin market, and its correlation with traditional markets is getting stronger and stronger. Many institutions regard Bitcoin as part of their risk portfolio, which means that when they reduce their holdings of US stocks, they will also reduce their holdings of Bitcoin to reduce investment risks. If the US stock market plummets, Bitcoin will not be immune in the short term.

Bitcoin has fallen with the US stock market in the short term, but in the long term, it will diverge from the US stock market. The scarcity and decentralization of Bitcoin will also show unique hedging potential in the long term, and its value will be gradually verified by the market. This will also help it gradually get rid of its high correlation with traditional risk assets in the future and go out of an independent rising market. This is also the path that Bitcoin must take, slowly verifying its hedging ability.