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Let's add a capital perspective to this round of divergence. The US stock market's S&P closed at a new all-time high last night, and the Nasdaq rose 1.3%, clearly showing high risk appetite; meanwhile, $BTC and $ETH were stuck trading flat near the bottom. The difference lies in the money inflow: US stocks are supported by pensions, corporate buybacks, and stable daily net purchases from passive indexes; crypto spot ETFs have seen weak inflows in recent weeks, lacking the incremental capital engine. So don't simply say 'high risk appetite = crypto should rise' — you have to see if this appetite has a dedicated capital channel flowing into crypto. Without that channel, no matter how hot the sentiment is, it's just watching from the sidelines. When do you think incremental capital will return to crypto?