Bitcoin hovered around $89,000 in December, down about 25% from the record high of $126,000 set in October. Behind this abnormal phenomenon is a fundamental change in market structure.

What is even more concerning is that the correlation between cryptocurrencies and US stocks has undergone a qualitative reversal. In the first half of the year, the rapid surge in the crypto market acted like a strong stimulant, greatly boosting risk appetite in the global technology sector. But by the end of the year, this correlation revealed a sinister side.