The S&P 500 added $2.1 trillion in market value in a single month, roughly equivalent to the total market value of the entire cryptocurrency market

According to CoinDesk, the S&P 500 index has increased by 3.12% this month, adding approximately $2.1 trillion in market value (equivalent to the total market value of the entire cryptocurrency market), with a total market value reaching a historic high of $70.5 trillion. However, Bitcoin has only risen about 2% this month, hovering around $64,600.

Analysts point out that this round of stock market gains is primarily driven by narratives around AI and semiconductor stocks, rather than a broad recovery in macro-level risk appetite, and Bitcoin lacks direct exposure to benefit from this.

Meanwhile, the cryptocurrency market is also facing multiple internal pressures: the Coldcard platform suffered a $120 million vulnerability attack, the outlook for the Clarity Act is uncertain, Strategy has reduced its BTC holdings for three consecutive months, and the supply of stablecoins continues to shrink—USDT's scale has decreased from $190 billion in April to $183 billion, and USDC has dropped from $79.5 billion to $72 billion.