On Wednesday, Bitcoin fell below $87,000, while at the same time, the US S&P 500 index hit a new all-time high. This seemingly counterintuitive trend actually reflects a massive reallocation of global funds before the end of the year. Understanding the underlying capital logic is crucial for grasping the trends in the crypto market.

Strong US economic data is becoming a powerful magnet for US stocks. The economic growth rate in the third quarter reached 4.3%, far exceeding expectations, with impressive performance across consumption, investment, and other dimensions. This economic optimism directly translates into positive earnings expectations for companies, and the stock market essentially serves as a pricing venue for corporate value. The S&P 500 reaching a historic high is driven by this "profitability effect" continuously strengthening, with new inflows of capital following the trend.

In contrast, the situation for cryptocurrencies appears somewhat awkward. Although Bitcoin is the flagship in this field, compared to the "certain returns" of US stocks, issues such as high volatility, policy risks, and security concerns are amplified. Before the end of the year, investors generally seek stability, and the high-risk nature of BTC during this period has become a burden. Data from exchanges show that capital outflows from crypto assets have already formed a clear trend.

When hopes at the end of the year shift from "big gains" to "preserving profits," capital choices become more rational and冷酷.