When traditional finance dons the cloak of crypto, the instincts rooted deep in capital have never changed.

The correlation between U.S. stocks and BTC is strengthening, but beneath this relationship lies hidden undercurrents. Large funds quietly withdraw market liquidity through arbitrage trades while preemptively securing the volatility space of U.S. stocks and the crypto market. Once the interest rate cut cycle begins, lower borrowing costs will make this game even crazier, exposing the nature of capital's pursuit of profit under the catalyst of low-cost funds.

What’s even more intriguing is Robinhood's launch of tokenized stocks in the EU. Packaging U.S. stocks as on-chain assets essentially carries traditional equity with a crypto shell; whether the value is equivalent has become a secondary issue—after all, it is just a trading certificate. This innovation could completely rewrite market rhythms: weekends, which should be a period of information vacuum, may become a breeding ground for insider information to ferment in advance, forcing the Monday opening trends of U.S. stocks. As pricing power begins to shift towards Sunday time, the soil for insider trading is quietly expanding.

The market is undergoing a more profound cognitive shift: more and more institutions are trading BTC as tech stocks, pricing BTC/ETH using the valuation framework of U.S. stocks. Cryptocurrencies seem to have jumped out of the palm of traditional finance, yet have fallen back into the same valuation logic; the essence of financial efficiency has not changed.

This reminds me of the scene when Nathan Most invented the ETF—no one could predict that SPY would have better liquidity than the underlying stocks. Today’s tokenized assets may be replaying history: liquidity migration is often irreversible, but this time the bidirectional flow is unrelated to altcoins; rather, it occurs between traditional assets and mainstream cryptocurrencies.

When new financial vehicles emerge, capital will always redefine the rules of the game in the most familiar way. Beneath the crypto cloak, it is still those ancient capital instincts driving the market, and this migration of liquidity and pricing power has just begun. #Tokenization of U.S. Stocks