Looking at the screenshots of US stock gains from friends' Moments one after another, then glancing down to see Bitcoin stuck at 89,000 without moving—this stark contrast really makes people uncomfortable. The Nasdaq keeps hitting new highs, but the crypto circle is stuck in a deadlock. How did it come to this?

Many retail investors are starting to get restless. "US stocks are rising so much, the crypto market must catch up"—this thought keeps circling in their minds, and their fingers are itching to buy the dip. But there's a question worth pondering: Is this really a pre-bull run, or is there something else at play?

Having been involved in the crypto space for so many years, I have to be honest—this is not a period of accumulation. What you're seeing is a carefully crafted "routine," prepared long ago by Wall Street.

Let's break down two key phenomena. First, the market’s correlation logic has completely reversed. It used to be that the crypto market influenced tech stocks; now? The situation is entirely opposite. When Bitcoin drops, institutions sell off US stocks to cover margin calls, creating a vicious cycle of "crypto declines → US stocks follow → market panic intensifies." Remember the October wave? Bitcoin plummeted from 122,000 to 105,000, with over 19 billion in leveraged positions forcibly liquidated, draining liquidity from market makers. The deleveraging process is only halfway through, so a rebound isn’t so easy.

Second, Wall Street has started playing the "high-dimensional routine." Don’t think they’re bearish on the crypto market; they’re just finding a more comfortable posture. Instead of directly trading cryptocurrencies, they buy stocks like MSTR—"Bitcoin reserve companies"—which give them exposure to crypto assets while enjoying the liquidity advantages of traditional financial markets. Now, funds are pouring into Nasdaq nonstop, and they can earn just by sitting back, while retail investors have to be on edge in the crypto space. That’s how the gap widens.