PANews reported on April 7 that Bitfinex Alpha said in its latest report that after Bitcoin's relatively resilient performance last week, with a weekly decline of only 0.65%, almost flat, far outperforming traditional risk assets, it is clear that this is just a delayed downward reaction. Although the BTC/S&P 500 ratio has soared to just 5% of its all-time high, showing strong relative strength, the market has now sold off. We believe that stocks are becoming deeply oversold, and a rebound in the short term may narrow the gap in the medium term. However, short-term financing and open interest trends also indicate that Bitcoin is about to fluctuate. Nevertheless, structurally, the foundation for outperformance in the late second quarter seems to be forming. As macro volatility cools, ETF inflows resume, and the sovereign narrative re-emerges, Bitcoin may further decouple from stocks and regain its leadership in global risk assets. In addition, although the Fed remains cautious amid uncertainty about inflation dynamics, the overall situation suggests that trade policy rather than monetary policy may be a greater risk to economic momentum in the coming quarters.