Yesterday, I talked with @ Jessethecook69 about the relationship between the US stock market and BTC until late at night. Today, I saw Prathik Desai's article "New Skin, Old Instincts", and I feel that many viewpoints coincide Simply summarize: 1. The linkage between the US stock market and BTC is becoming increasingly strong, but this relationship is very subtle. There are many unknown "big hands" doing arbitrage, pulling out liquidity to advance the entire US stock market and BTC. After interest rate cuts, it will be even crazier because borrowing costs are lower 2. Robinhood's tokenized stocks promoted in the European Union essentially package US stocks as on chain assets, regardless of unequal value. They are vouchers themselves, and in the future, insider information during weekends will force the opening trend of US stocks on Monday, with insider information rampant and pricing power transferred to Sunday time 3. Nowadays, many institutions trade BTC as tech stock, and the market is using the US stock valuation framework to price BTC/ETH. The essence of financial efficiency has not changed When Nathan Most invented ETFs, no one expected that SPY would become a product with better liquidity than the underlying stock. Now tokenized assets may also be repeating this script. Liquidity migration is often irreversible, but this bidirectional migration has nothing to do with counterfeiting Medium： https://www. (thetokendispatch.com)/p/new-skin-old-instincts