Some very interesting data on Bitcoin/Gold/QQQ: Bitcoin and gold have become the same trade for now. The 90-day correlation between their daily returns just hit a record 0.58 and the 6-year median is only 0.12. Look at the last year: → BTC peaked Oct '25. Gold peaked Jan '26. → Both crashed (BTC -53%, gold -28%) → Both bottomed this summer → Both are still 20-30% below their highs → Both are flat in 2026 Meanwhile the Nasdaq-100 just made an all-time high and is up 20% YTD. The market isn't pricing "digital gold vs tech" anymore. It's two buckets: AI/earnings, and the hard-asset/debasement trade. Bitcoin picked its bucket. Gold is even trading like crypto some month... its volatility hit 55% in March. The only precedent: October 2020 (0.54). 6 months later BTC was up 5x. Gold was down 10%. The glue didn't hold then. Watch which one breaks first: