The current correlation between Bitcoin and US stocks is too strong; often the stock market hasn't even started to decline, and Bitcoin begins to plummet first. This also indicates that when investors reach a critical moment, they will prioritize selling Bitcoin for US dollar liquidity to provide additional margin for US stocks!

This is a definite chain reaction; gold has also shown this kind of trend repeatedly, but gold won't drop too much because once it crashes, there will be a large number of retail investors buying physical gold at the bottom.