Tesla's third-quarter earnings report fell short of expectations, causing tension in the U.S. stock market. Coupled with Trump's consideration of restrictions on software exports to China, this has increased pessimism in the market. The biggest challenge may arise after the CME opens in the morning, as well as whether the Chinese government will take more aggressive countermeasures.

Currently, the U.S. stock market and $BTC remain highly correlated, which means that a decline in the U.S. stock market will also affect Bitcoin's price movement, even though BTC itself does not have any negative news.

In terms of style attributes, Bitcoin is more akin to high β + momentum assets (High Beta + Momentum Trade). This means that when High Beta, AI Winners, Non-Profitable Tech, Retail Favorites, and Most Short Basket decline, BTC will also face pressure.

BTC is one of the first assets to rise and the first to be liquidated during risk appetite cycles. This is the fundamental reason why BTC has recently fallen in sync with AI Winners and Non-Profitable Tech stocks.

In simple terms, BTC is still highly correlated with tech stocks. If tech stocks face setbacks and decline, BTC cannot escape that fate. (The weekly report pinned at the top explains this clearly.)

This article is sponsored by #Bitget ｜ @Bitget_zh

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