The U.S. stock market can navigate through wars, bubbles, and crises while continuously hitting new highs, not because of money printing, but because companies like Apple, Microsoft, and NVIDIA continue to create globally high-profit products. Innovation and buybacks are the true forces pushing the indices upward.

The long-term trend of BTC is highly synchronized with the U.S. stock market:

When technological innovation is strong, liquidity is healthy, and risk appetite is rising, the U.S. stock market hits new highs, and BTC often enters a major upward phase;

When American tech companies enter a new cycle (such as the explosion of AI computing power), the risk asset properties of BTC will be magnified in sync.

So, whether it’s the U.S. stock market or BTC, what determines the long-term trend is not events, but the innovation cycle + capital return.

Before the main trend ends, do not easily get off the train.