#美国核心物价涨幅不及市场预估 The US stock market is surging, so why is Ethereum falling behind again?

On the surface, it does seem tough. As US stocks continue to soar, with the Russell 2000 small-cap stocks gaining strength, $ETH has been oscillating around $3300 repeatedly, even dipping lower. Once this divergence appeared, someone immediately pulled out the old saying — crypto has decoupled from traditional finance.

But if you only focus on the price, you might really miss something.

The issue isn't whether $ETH or US stocks go up or down; the core is — the kind of connection between them is now breaking apart.

In the past, Ethereum and small-cap US stocks were highly correlated. Now? That link is disintegrating. Sounds like decline? Actually, no. This kind of phenomenon often occurs during macro cycle shifts; it’s just a structural change.

When the macro narrative fails, capital will start to look inward for valuation logic. The real change is happening precisely within the crypto market.

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