The global market remains in the "high interest rate tail end → easing expectations" phase, with traditional asset valuations being relatively expensive. Some risk appetite funds continue to tilt towards technology and crypto assets.
The performance of US tech stocks and crypto assets remains highly correlated. Bitcoin is increasingly viewed by institutions as a high-beta risk asset rather than a simple hedge. Overall sentiment is in the "cautiously optimistic" zone: long-term funds are gradually allocating, but short-term volatility and news factors (regulation, ETF flows, macro data) still a