A question that many people often ask is: Since Bitcoin got an ETF, its price movement has started to follow the U.S. stock market. However, most of the time it only follows the downward trends, not the upward ones. You can see that the U.S. stock market is currently still fluctuating at a high level, while $BTC has been pressed down near the mining cost price. Wasn't it supposed to follow the U.S. stock market? Why does it follow the downward trends but not the upward ones? First of all, after the BTC/ETH ETFs were approved, they were invisibly incorporated into the U.S. stock market funding system. But unfortunately, they are classified as risk assets, not "core assets." When the U.S. stock market rises, there are many ways it can rise, such as: breakthroughs in AI technology, positive earnings reports from tech companies, favorable industry policies, etc. Today, most of the funds in the U.S. stock market are still buying stocks, and the proportion willing to allocate to risk assets is not that high. Secondly, the attributes of crypto ETFs determine their "selling order." When there is a downward risk in the U.S. stock market, the standard action for institutions is: first sell: assets that are liquid, highly volatile, and non-core. BTC ETFs perfectly meet these three conditions: liquid (ETFs can be sold instantly), highly volatile, and non-core allocation. Therefore, crypto ETFs are often the first tier of assets to be sold. On the contrary, before the ETFs, BTC holders were more of a faith-based native crypto community, which had stronger independence; after the ETFs (in the U.S. stock market system), independence decreased, and it became a "nice-to-have" allocation asset, with unified risk control and risk-off strategies. In summary:...