Recently acquired merchandise from a major exchange, officially joining the ranks of "US stock traders." This reminded me of a frequently overlooked phenomenon—why must players in the crypto space pay attention to the US stock market?

Many people habitually view the two markets as independent systems, but in reality, they have long been deeply interconnected. Over the past two years, the correlation between Bitcoin and the Nasdaq Index has become increasingly evident, and this is no coincidence. The underlying logic is simple: the same institutional funds are pricing both markets simultaneously.

When traditional financial institutions enter the crypto market on a large scale, the logic of market liquidity, risk appetite, and capital allocation has been rewritten. When the US stock market performs well, risk assets find it easier to obtain financing; during downturns in the US stock market, institutions will simultaneously adjust their crypto asset positions. If crypto industry practitioners still view the market with an isolated perspective, they are very likely to miss opportunities or get caught off guard.