与此同时，另两大力量正在酝酿，可能共同重塑市场格局。首先，美国近期的选举结果揭示了选民 对"可负担性"问题的强烈不满，这股"主街的愤怒"预示着政府可能会加强干预以控制价格，从而挤压企 业利润。其次，Hartnett强调，美国最高法院可能推翻现行关税的裁决，将成为影响市场的重要变量， 可能削弱通胀预期，并为新兴市场带来结构性机会。 综合来看，这些来自信贷市场、政治风向和政策变局的信号，共同构成了Hartnett关于"顶部是一个过 程"的核心论据。尽管他认为触发大规模抛售的"离场"信号尚未出现，但一系列复杂的早期预警指标已 经亮起，要求投资者保持高度警惕，并重新评估资产配置。 AI泡沫的裂缝：从股权狂收看信贷紧缩 美国银行首席投资策略师Michael Hartnett在其最新的报告中指出，市场顶部的形成是一个缓慢发酵的过 程，而非一蹴而就的瞬间事件。 他认为，当前市场正清晰地展现出这一过程的诸多迹象，其核心线索包括人工智能巨头日益紧张的信贷 状况、源自"主街"民众对生活成本的政治压力，以及美国关税政策可能出现的颠覆性转变。Hartnett并 精辟地指出："顶部是一个过程，底部是一个瞬间"。 最新的动态显示，AI" ...

Market Overview - The crypto market is experiencing downward pressure in October, with Bitcoin (BTC) dropping 3% to $107,500 in the past 24 hours, while other major cryptocurrencies like ETH, XRP, BNB, and SOL have seen even larger losses. The CoinDesk 20 Index has fallen over 4% [1] - Among the top 100 cryptocurrencies, only ICP, ASTER, and HASH have shown positive performance, with ASTER's rise attributed to Binance co-founder ChangPeng "CZ" Zhao's exposure to the token [1] Bitcoin and Market Trends - Bitcoin has recently decoupled from the tech-heavy Nasdaq index, with potential upside limited by profit-taking from long-term holders [2] - The decoupling of BTC from traditional stocks could signal early warning signs for the stock market, as historical patterns suggest that BTC peaks may precede stock market tops [3] - Despite current pressures, bulls remain optimistic as BTC prices hold above the $100,000 mark [3] Historical Performance and Predictions - November has historically been a strong month for BTC, averaging returns above 40% over the past decade, with improving macro conditions potentially supporting a continuation of the uptrend [4] - However, some technical analysts are cautious, with one veteran analyst noting a "megaphone" pattern on the BTC chart that typically indicates a price drop [4] Security Concerns - The ongoing trend of hacks in the crypto space raises concerns about blockchain infrastructure security, as evidenced by a recent hack of Balancer for millions [5] Regulatory Developments - The European Commission is reportedly preparing to enhance central oversight over key financial infrastructures, including stock and crypto exchanges, to reduce market fragmentation and improve competitiveness within the bloc [6] Traditional Market Insights - The yield on the U.S. 10-year Treasury note is near three-week highs as traders await significant economic data releases, including ADP employment figures and ISM PMIs [7]