$BTC hit $70,023. lowest since april 7.
Down 4% on the day. 8% on the week. 44% off the october top near $126K.
Now the other screen:
- S&P at a record ~7,600.
- Nasdaq over 27,000.
BTC bleeds to a two-month low while stocks print all time highs. It’s basically the only major asset still contracting.
The read: this is BTC trading like a high-beta risk asset, not the hedge it gets sold as.
Stocks pay more with less volatility, so capital rotates out of crypto. and that gap feeds itself.
When “equities over crypto” is the take everyone’s posting, the crowd is usually too deep in equity FOMO and crypto FUD.
The obvious trade rarely pays. BTC is also sitting right on its 200-week EMA near $69K.
Real decoupling? Or everyone agreeing right before the turn?