According to @Ashcryptoreal, ongoing US-China trade negotiations are the primary drag on crypto and a deal announcement today could trigger a pump, adding that BTC should already be above 130,000 dollars relative to U.S. stocks. source: X post by @Ashcryptoreal on Oct 30, 2025. Empirical research finds BTC has become more correlated with U.S. equities since 2020, indicating that de-escalation in trade policy can support risk assets including crypto. source: International Monetary Fund blog Crypto Prices Move More in Sync With Stocks 2022 and Bank for International Settlements Quarterly Review 2022. During the January 2020 Phase One U.S.-China deal signing, U.S. equity benchmarks advanced on de-escalation headlines, illustrating a risk-on pattern that studies show can affect BTC through higher equity correlation. source: Reuters report on the Phase One trade deal signing on January 15, 2020 and International Monetary Fund blog Crypto Prices Move More in Sync With Stocks 2022.