Tonight, when watching US stocks, you only need to remember one structure: when the S&P is down, anything with a touch of crypto is going up.

The S&P 500 is down slightly—about 0.25%—while gold tokens barely moved; Coinbase (a US crypto exchange) is up 5.28%, Intel is up 4.87%, and MicroStrategy (a US company holding Bitcoin) is up 4.77%.

Most people will feel it very differently. If you’re holding a broad-market ETF, tonight is basically like you didn’t participate at all; only if you happen to hold these names will you feel like US stocks are rising. Coinbase is a crypto exchange, MicroStrategy is a big Bitcoin holder, and Intel is a chip stock—stacked together leading the gains. It’s more like crypto sentiment has crawled into the US stock account.

At night, I’m only watching two signals: whether Coinbase can hold steady around 180, and whether MicroStrategy can keep support near 138. If it pushes higher, it means there’s still momentum; if it drops back into the lower half, it’s just normal market fluctuation—don’t treat it as a trend to chase.