Bitcoin has been trading like a risk-on asset for the last few years. It’s been correlated with tech. SaaS companies. High-growth names. So if that were still the case, you’d expect it to drop in this kind of environment. But it didn’t. It’s not going up like gold. But it’s not going down either. It’s just… stable. That’s unusual. Because everything else is moving. Stocks are moving. Commodities are moving. But Bitcoin isn’t. So something’s changing. Maybe it’s starting to disconnect from tech. Maybe it’s being treated differently. But it’s not behaving the way it used to. And when an asset stops behaving the way you expect… that’s worth paying attention to.
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