The S&P 500 added $2.1 trillion in market cap in a single month, approximately equal to the total market cap of the entire crypto market.

TechFlow news, August 6, according to CoinDesk, the S&P 500 index rose cumulatively 3.12% this month, adding approximately $2.1 trillion in market cap (equivalent to the total market cap of the entire crypto market), with total market cap reaching a historic high of $70.5 trillion, but Bitcoin rose only about 2% this month, hovering around $64,600. Analysts pointed out that this round of stock market rise was mainly driven by AI and semiconductor individual stock narratives, rather than a broad risk appetite recovery at the macro level, and Bitcoin lacks direct beneficial exposure to this. Meanwhile, the crypto market also faces multiple internal pressures: the Coldcard platform suffered a $120 million vulnerability attack, unclear prospects for the Clarity Act, Strategy reduced BTC holdings for three consecutive months, and stablecoin supply continues to shrink—USDT supply dropped from $190 billion in April to $183 billion, USDC dropped from $79.5 billion to $72 billion.