Recently, Bitcoin's trend has shown interesting changes — finally breaking free from the mimicry of the US stock market.

Looking at the performance of various market sectors: US stocks are soaring (S&P up 0.64%, NASDAQ nearly 1%), gold surged nearly 3% in a single day, and the 10-year US Treasury yield has fallen back to 4.16%. These data points themselves reveal that the market is re-pricing risk.

The key is BTC's reaction. Over the past month, the correlation between Bitcoin and the NASDAQ has clearly been declining, and this is no coincidence. BTC is undergoing a transformation — from a simple risk asset to a liquidity hedge. On-chain data also confirms this: the selling pressure from long-term holders near the 92k level has significantly weakened, indicating that large investors are increasingly confident in the upside potential.

An counterintuitive detail: now, 90k Bitcoin is worth more than at 85k. Everyone is now preemptively digesting Friday’s non-farm payroll data, and the market has already started to move ahead. How it will develop next, we’ll have to wait and see.