#美国贸易赤字扩大 Nasdaq fell yesterday, while the Russell 2000 actually rose — behind this "contrarian move," a key signal is actually being revealed.

Funds are fleeing traditional blue chips and turning to high-risk, high-reward areas. The crypto market is just riding this wave.

The most direct indicators are $BTC and $ETH , the "main players." Especially BTC, which after hitting a key resistance level, hasn't looked back, showing a very determined upward stance. Many traders have noticed this — every time a correction was expected, buy orders stubbornly held it up. Meanwhile, ETH's on-chain activity is also rising in tandem, with increasing transfer counts and active addresses, indicating that market participation is indeed heating up.

This phenomenon actually has some basis. The US stock market is quite polarized: while major indices fluctuate, small and mid-cap stocks are more active, as funds shift from "stability to risk." Essentially, crypto assets are high-beta instruments, making them the first choice for funds chasing returns.

However, to be honest, the volatility in the crypto market has never been small. While the current bullish logic captures the core contradiction of capital flow, whether the rally can continue depends on how US stocks perform later and whether new catalysts emerge in the crypto ecosystem. The risk of oscillation and correction always exists, so we must stay vigilant.

But the current situation does give holders some hope — at least from a technical, capital, and macro perspective, all are telling a bullish story, and there seems to be more room for the next phase of the rally.