Driven by strong profit growth and investor confidence, the S&P 500 index soared to a historic high of over $6900, while the total market capitalization of cryptocurrencies struggled to break through the $3 trillion mark, reflecting weak liquidity and ongoing capital outflows from spot ETFs. This divergence highlights the current consolidation phase of cryptocurrencies in an environment of tightening liquidity, in stark contrast to the continued rise of traditional stocks.