Japan’s TOPIX rose 0.4% to 4,201.34 in morning trading, setting a new intraday record, while the Nikkei 225 was little changed. The S&P 500 hit a record overnight, buoyed by resilient earnings and the outlook for AI spending.

From a crypto perspective, global risk assets are closely correlated. U.S. and Japanese stocks have both hit record highs, lifting risk appetite and spilling over into crypto. High-beta assets like ETH respond to liquidity expectations faster than U.S. stocks, while the AI spending narrative is also fueling AI-related tokens.

But TOPIX hitting a record high doesn’t mean crypto has reversed. A one-day correlation is a tailwind, not a turning point. For a real thaw, we still need to see the Fed’s path and on-chain capital flows actually materialize.$ETH #东证指数 #标普500 #AI narrative