There's an interesting phenomenon. When US stocks plummet, people explain that institutional funds are reallocating and that Bitcoin, as a risk asset, is following the decline, citing macro liquidity tightening—this explanation still makes sense. Later, when precious metals crash, the crypto circle comes out saying BTC is digital gold; this wave is just a result of quant trading misfires, which can still be accepted.

But this time, when the US dollar index DXY falls, cryptocurrencies also decline. I'm a bit confused. According to conventional logic, a depreciating dollar should benefit crypto assets and push their value up, so why are they falling as well?

First, there's this reason; then there's that reason. Every time, they can come up with an explanation. It seems that no matter how the market moves, there's always a reason for Bitcoin's decline. Does this mean there's no inherent logical connection at all, just a bunch of factors coming together, and the market simply finds a reason to push prices down?