The market movements over the past couple of days are quite interesting—yesterday, US stocks fell while Bitcoin rose; today, US stocks rebounded while BTC pulled back. Honestly, there’s no fundamental problem with the US stock market itself, just the interplay of falling credit card interest rates and bank earnings reports, which has no real negative impact on the AI sector—it's just the fluctuation of correlations between finance and technology.

As for Bitcoin’s correction today, it’s mostly due to this—leading industry platforms withdrew support for a certain crypto bill, prompting the US Senate Banking Committee to delay the review of the related draft. To be honest, this information was released early yesterday morning, but the market only reacted during US stock market open, reflected in Bitcoin’s price. From this time lag, it’s likely that institutional investors were offloading.

The core issue remains the uncertainty caused by policy delays. Recently, much of the rally was driven by expectations of this bill; now that it’s delayed, those expectations are left hanging. But overall, it’s not a major negative—further refinement of the bill will continue, and the key now is how BTC moves in the next two days—whether it continues to follow the US stocks’ rhythm or falls into difficulty.

From a data perspective, the previously high trading volume of Bitcoin on top industry platforms has not continued, which does raise concerns that buying power might significantly decline. But on the other hand, US stocks are rebounding today, so if investors can stay patient, the market shouldn’t be too bad. However, if those who recently bought the dip are purely betting on the bill passing, then things could get pretty uncomfortable.

The chip distribution remains quite stable; although the support zone is a bit messy and needs adjustment, considering most of the current positions are short-term chips, we’ll need to wait for more stable support levels. As for early investors who got caught, they still react slowly to price fluctuations, and this pattern probably won’t change in the short term.