According to online reports, Bitfinex Alpha said in its latest report that after Bitcoin's relatively tough performance last week, with a weekly decline of only 0.65%, almost flat, far better than traditional risky assets, it is clear that this is just a delayed downside reaction. Although the BTC/S & P 500 ratio soared to near its all-time high of just 5%, showing strong relative strength, the market has now sold off. We believe stocks are becoming deeply oversold, and a short-term rebound could narrow the gap in the medium term. However, trends in short-term financing and open interest contracts also suggest that Bitcoin is about to experience volatility. Still, structurally, the foundation for excellent performance late in the second quarter appears to be taking shape. As macro volatility cools, ETF inflows resume, and the sovereignty narrative re-emerges, Bitcoin may further decouple from stocks and regain its leadership in global risky assets. Moreover, while the Fed remains cautious despite uncertain inflation dynamics, the overall picture suggests that trade policy rather than monetary policy may be a greater risk to economic momentum in the coming quarters.