Recently, BTC has begun to significantly decouple from US stocks.

Since the sudden collapse of Ftx, the currency circle has not kept up with the rise in U.S. stocks. However, the recent decline in U.S. stocks has not brought down the big pie. At the same time, it has also been decoupled from interest rates. This decoupling relationship is similar to that after May 19 last year.

main reason:

1. Ftx crashed violently. Of course, BTC fell below a new low, breaking the psychological defense line of bulls, and contract positions were cut in half.

2. From the collapse of Luna to the subsequent series of reactions, it is a deleveraging within the currency circle. The liquidation of large institutions accelerated this process, and the Ftx thunderstorm is likely to be the last "victim", plus other exchanges All kinds of shortfalls are irreversible, and market liquidity is exhausted.

3. The logic of macroeconomic slowdown at the end of the year. Inflation reached the first turning point in October, accompanied by the turning point of interest rates and the US dollar.