At this stage, the crypto market is beginning to face dual forces. On one hand, if financial conditions tighten and liquidity decreases, Bitcoin and tech stocks may weaken simultaneously; on the other hand, if the market starts to worry about policy missteps or stagflation risks, Bitcoin may temporarily detach from its pure risk asset nature and exhibit some degree of correlated movement with gold. Therefore, crypto assets often enter a re-evaluation phase in the third stage, where their performance no longer solely follows the stock market but depends on the market's assessment of the credibility of monetary policy.