This week, crypto and U.S. stocks followed the same script: Both got hammered midweek, then bounced back together, fueled by the same catalyst—'no rate hikes.' Crypto: $BTC dipped from 63.6K at the start of the week to 61.7K, now back near 62.6K. Bitcoin ETF saw a single-day net inflow of $220M, ending a 10-day outflow streak. $ETH is still stuck below 1750, clearly weaker than Bitcoin. U.S. stocks: Semiconductors led the decline on Wednesday, but on Thursday, Nasdaq rebounded +1.3%, climbing back above 26,200. Chip stocks flipped overnight from leading the drop to leading the rally. Cross-market observation: Last week’s weak non-farm payrolls at 570K provided the confidence for this round of rebounds on both sides—everyone’s pricing in 'no action from the Fed.' Next week’s test comes on Tuesday, 7/14: June CPI data drops on the same day as earnings reports from JPMorgan and Goldman Sachs. This will also be the last full inflation report before the late-July FOMC meeting. May CPI YoY was still at 4.2%, so this data will be unavoidable for both markets—though crypto is likely to move first. Same CPI, two markets—which one will you watch react first?