Today's homework is not easy to write, and many friends are asking why the US stock market is still rising if BTC's decline is caused by core PCE data. If not, why does Bitcoin fall when the US stock market rises again? This question is really headache inducing, and I don't have an accurate answer. I can only try to give a rough answer. The reason may still lie in CRCL and COIN. Today's focus is on the core PCE. Although the data is not good, in fact, the inflation increase is not only due to the problem of US housing, but also due to commodities. Houses have already started to cool down, but it may take some time for it to reach PCE. The increase in commodity inflation is more due to expected tariffs. Once tariffs are implemented, these issues can be resolved, so the PCE data in the United States is not very serious. PCE is not the main reason for BTC's decline. In fact, PCE data brings about an increase in US investors' expectations for the Federal Reserve's interest rate cut, including the expectation of Powell and several Federal Reserve officials preparing to cut interest rates in September yesterday. For CRCL, which relies on US bond interest rates, it is the least desirable to cut interest rates because it means a decrease in income. Although it is currently described as extravagant, in essence, CRCL's returns in the past two years have relied on the high interest rates of US bonds. Once interest rates start to fall, CRCL's returns and expectations will decrease. As for whether CRCL can enter the payment field and achieve results, I believe it will not be seen in the short term, and the decline of CRCL will also bring down COIN, which has made many investors who are chasing high uncomfortable. It is believed that the trend of the cryptocurrency market may peak in the short term, especially since the decline in the Middle East war has not yet returned. Some investors may reinvest in the US stock market from the cryptocurrency market, and the new high in the US stock market is also a stimulus for investors. Nvidia, Tesla, Apple, Microsoft, are not more attractive? Of course, this is just my personal opinion, and I think the overlap between Bitcoin and the US stock market is still very high. Small scale detachment is not a big deal, as it has increased in history, but it will still remain consistent in the overall direction. Looking back at the data of Bitcoin, there is nothing new. Although the price has slightly decreased, there is currently no systemic risk. There are also signs of a slight correction in the US stock market. In addition, the support level is also very stable, and the turnover has not increased much, so there is no need to waste words. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex