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Boosted by the latest CPI data, the crypto market has welcomed a long-awaited rebound. On February 13, Bitcoin returned to a long-awaited upward trend, with Ethereum stabilizing accordingly. However, this rebound does not stem from a return to the safe haven of "digital gold," but rather from the market's pressure response to macro risks.
The key to the current landscape still lies in its deep connection with US stocks. The grayscale report shows that Bitcoin has a correlation of up to 0.73 with software technology stocks. When the AI narrative recedes and triggers fluctuations in technology stocks, cryptocurrencies are similarly under pressure. The two have become "risk twins" of synchronous volatility.