Recently, there has been an interesting phenomenon in the market: the US stock market and Bitcoin always move inversely. A few days ago, when BTC was rising, the US stocks were falling; then they switched directions again. Behind what seems like chaotic movements, in fact, are two markets driven by completely different factors.

On the US stock side, it's easier to understand—positive earnings reports from banks during the earnings season, the reduction of credit card interest rates providing substantial stimulus to the financial sector, and no bad news for the AI sector itself, mainly driven by inter-sector sentiment linkage.

The logic behind Bitcoin's pullback is a bit more complex. The delay of the CLARITY Act was the main driver of this adjustment. You see, after a major platform CEO withdrew support, the Senate started postponing the review, which directly increased policy uncertainty. Although industry leaders issued statements early in the morning, the price only truly reacted when the US stock market opened. This time difference is definitely not a coincidence—it’s very likely that institutions took the opportunity to sell during this window.

From on-chain data, BTC trading volume has clearly not maintained the high levels seen before in the past two days, which is a signal worth noting. Will buying power sharply decline? That remains to be seen. But for now, the US stock market has already started to rebound. If everyone can stay patient, the upcoming market should not be too bad.

On the chip side, the structure remains relatively stable. Although short-term chip holdings have increased somewhat, forming a support level requires more time to confirm. Early trapped positions still do not react strongly to price fluctuations, which is consistent with historical trends.