Recently, there has been a divergence between BTC and the Nasdaq. The Nasdaq has continuously hit new highs while BTC has fallen and driven the overall Crypto market to fall significantly. This is inconsistent with the traditional impression that the Nasdaq and BTC are positively correlated.

If we use historical standards to measure, the current market has not yet fully met the conditions for divergence recovery, and we need to wait for more K-line information. Regardless of whether BTC, gold, or U.S. stocks are in the same macro environment, prices are subject to factors such as financial liquidity and risk-free asset yields. BTC, as a more resilient asset type, can rise strongly in the early stages of the bull market and significantly outperform U.S. stocks, but things will turn around when they reach their extremes, and there is no eternal strength. After the main rise, it is weaker than the U.S. stock market. This is similar to the relationship between altcoins and BTC. From another perspective, in the main rise stage, market liquidity is sufficient to support the overall rise in asset prices, but after rising to a certain extent, the fuel or power for the rise is exhausted, and it is difficult to support the collective rise of all categories of assets, and assets may rise while others fall. From the perspective of event factors, the market has recently been affected by the selling pressure from the German government and Mentougou. No matter how to interpret this trend, BTC will eventually return to a positive correlation with the US stock market after the adjustment is fully in place.