Talking to friends in traditional secondary markets about two interesting phenomena:

1. Why do U.S. stocks react quickly when taxes or interest rates are raised, while crypto assets lag behind? Because stocks have universally recognized valuation models (like discounted cash flow), when factors like tax rates and interest rates change, fund managers can instantly calculate how much stock prices should drop, and a consensus for selling forms quickly. However, crypto assets lack this unified valuation logic; for example, how a 50% increase in tariffs affects Bitcoin's price is unclear to everyone, so they can only follow the U.S. stock market, resulting in a slower reaction.

2. Why do crypto assets decline first when liquidity worsens and investors want to exit? Because fund managers believe that cryptocurrency carries much more risk than U.S. stocks, so once they sense the market is about to crash, they will definitely sell off the riskier assets first, leading to a quicker decline in crypto assets.

(In simple terms: Stocks react quickly due to a unified valuation logic, while crypto lacks logic and can only follow trends; but during a market exit, the riskier crypto assets are sold off first.)