CoinDesk analysis points out that the S&P 500 index rose 3.12% this month, with its market cap increasing by approximately $2.1 trillion to a record $70.5 trillion, while Bitcoin only rose 2% this month, trading around $64,600. The analysis suggests that Bitcoin's underperformance is due to several factors: the stock market rally is primarily driven by specific stock narratives such as AI and semiconductors, rather than a general macro risk appetite; the crypto market itself faces pressures from incidents like the Coldcard vulnerability, regulatory uncertainty, and continuous Bitcoin sales by Strategy; additionally, rising bond yields have led to stablecoin capital outflows, with USDT supply decreasing from approximately $190 billion to $183 billion, and USDC from $79.5 billion to $72 billion. Some market observers also note that fluctuating Bitcoin ETF demand and traders choosing to wait and see due to the four-year halving cycle theory have also curbed its upward momentum.