On Wednesday, Bitcoin fell below $87,000, and market sentiment softened accordingly. As the new year approaches and the sprint phase begins, the cryptocurrency market was expecting a rally, but was caught off guard by US economic data.

Here's what happened. Good news came from the US stock market— the S&P 500 index hit a record high on Tuesday, and US stocks opened higher. The main reason? After revisions, Q3 economic data showed an annualized growth rate of 4.3%, far exceeding expectations, marking the fastest growth in two years. The US economy remains resilient, corporate earnings outlook is optimistic, and traditional assets have suddenly become highly sought after, with large amounts of capital flooding in.

This has made things a bit uncomfortable for BTC. As a risk asset and alternative investment, when traditional financial markets experience "certain returns," Bitcoin inevitably faces capital outflows. The historical pattern is clear: when the US economy accelerates and the stock market is strong, the cryptocurrency market often experiences phased capital outflows. Why? Investors' accounting methods have changed. In a thriving economy, they prefer traditional assets with clear profits and controllable risks, rather than Bitcoin, which is more volatile, policy-sensitive, and easily influenced by market sentiment.

Industry insiders also see this trend and believe that BTC is unlikely to experience significant fluctuations at the end of the year. The logic behind this judgment is quite straightforward—when economic fundamentals improve, investors' risk appetite naturally adjusts.