This is the MOVE, which measures U.S. bond market volatility.
It's making new cycle lows for the bull market in equities.
This is the chart of the MOVE, but here's where it gets interesting...

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The release of this new regulation marks a historic leap in the attitude of Chinese regulators towards virtual assets, shifting from a "complete ban" to a "combination of restriction and guidance."

Article Author & Source: Guofeng Law Firm On February 6, 2026, the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies" (Yinfa [2026] No. 42, hereinafter referred to as "Document No. 42"), jointly issued by eight ministries led by the People's Bank of China, and the "Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets" (hereinafter referred to as the "Guidelines") simultaneously issued by the China Securities Regulatory Commission, have triggered significant reactions in the legal and financial circles...

Breaking News! The Year of China's RWA: A Compliant Channel Opens for Trillions of Yuan in Domestic Assets to Go Global

BitMEX co-founder Arthur Hayes wrote that the recent Bitcoin crash may stem from traders' concerns about IBIT (BlackRock) […]
The article, "Arthur Hayes Speculates on BTC Crash Cause: 'Institutional Hedging Operations': IBIT Options Explode $900 Million," was originally published on BlockTempo, the most influential blockchain ABMedia media.

Arthur Hayes speculates that the reason for the BTC crash is "institutional hedging operations": IBIT options saw a surge of $900 million.

Unusual trading in BlackRock’s bitcoin ETF, iShares Bitcoin Trust (IBIT), has led traders to speculate that this week’s sharp Bitcoin drop may have been triggered by one or more Hong Kong–based hedge ...

Bitcoin Selloff Sparks Hedge Fund Speculation Around BlackRock ETF

Lower bond market volatility is great for stocks.
So we can invert the MOVE, then add the S&P 500 in the lower pane.
It's crystal clear.
The magnitude of the moves are different (of course), but the directional correlation is extremely clear if you look for 5 seconds.

Are they perfectly correlated?
No, of course not.
But all else being equal, the decline in bond market volatility is reaffirming the health of the uptrend in equities.
Sometimes, it's really that simple.