Recently, I've seen quite a few people complaining again. The US stock market hits new highs, but Bitcoin has fallen back to 90K. Why do these two never seem to match up? More and more of these voices are emerging, honestly, it's getting a bit tiring to listen to.

If you really pay close attention to the market rather than just glancing at headlines and commenting, you'll realize things aren't that simple. The S&P 500 indeed hit an intraday high, but what happened by the close? It kept dropping all the way down, and the gains from the night before were basically wiped out completely. The Nasdaq also obediently pulled back. Comparing intraday extremes and then asking why Bitcoin isn't following this logic is fundamentally flawed.

More importantly, the crypto market and US stocks are not even in the same league. The scale difference is huge, liquidity structures are completely different, and the composition of participants varies greatly. Because of this, large fluctuations are normal in the crypto market—when it falls, it does so quickly and fiercely; when it rises, it does so just as violently. When Bitcoin led the US stocks on Monday, why didn't these people come out shouting about strong correlation? Double standards are quite natural.

Back to this recent decline, it’s not that the market suddenly changed its mind. This rally from the start wasn’t driven by solid liquidity but by information-driven hype. In plain terms, it was a bunch of expectations pushing the price up. Once those expectations loosen, the price gets pushed back down. This isn’t a bug; it’s standard operation in financial markets.

The underlying story is this: Trump’s policies are really starting to stir things up. They’re clearly rushing to boost their chances in the elections—targeting defense contractors, restricting institutional mortgages, and even Venezuela’s PDVSA starting to refuse cooperation. These combined policy signals cause risk assets to shiver a bit—that’s normal.

Looking at the job openings data, the market’s mood is quite grim. Everyone knows the real shoe hasn’t dropped yet—that will come with the non-farm payrolls report. In this context, how much stability can you really expect from the crypto market? What are you even thinking?