On March 25th, Matrixport released a daily chart analysis saying that the actual correlation between Bitcoin ETF IBIT and Nasdaq on the 30th is approaching 70%. This level has only occurred twice in history, indicating that Bitcoin is currently being driven by the same macro factors as other risk assets. This high correlation mainly reflects the market's revaluation of earnings expectations before the first quarter earnings season, as well as the negative impact of tariff policy uncertainty. Therefore, the recent trend of Bitcoin is highly consistent with the US stock technology sector. However, historical data shows that such a high correlation is usually difficult to sustain, indicating that Bitcoin and Nasdaq may diverge in the future.