On May 12, 2025, U.S. stock markets experienced strong gains ahead of the open, with Nasdaq futures rising nearly 4% and S&P 500 futures increasing by more than 3%. The Nasdaq index itself surged over 4%, and the S&P 500 advanced 3.3%, reflecting heightened risk-on sentiment among investors. However, Bitcoin diverged from this trend, declining by approximately 2.2% and falling below $101,000. Despite the stock market strength, Bitcoin's price showed bearish signals, including RSI divergence on the four-hour chart, suggesting a potential correction following a 10% rally in the previous week. Analysts noted that Bitcoin's recent price behavior reflects a hybrid investment profile, acting both as digital gold and a risk asset. While U.S. Treasury yields rose and expectations for rate cuts diminished, these macroeconomic factors did not negatively impact equities. On-chain data indicated no large-scale Bitcoin sell-offs, and exchange reserves of Bitcoin slightly decreased, implying an absence of systemic risk. In currency markets, gold declined by 3%, the U.S. dollar strengthened against the euro and yen by 1% and 2% respectively, and Bitcoin's performance since the previous Friday's stock close was flat in USD terms but positive against the euro and yen.