Thursday's dump was all concentrated pain:
$SPX -1.2% but equal-weight +0.8% — widest divergence in 2 years
Chips got slaughtered -6.7%
Russell 2000 flat +0.1%
10Y yields dropped -19bp
$BTC fell 3.6% alongside AI names, NOT the broader market.
The takeaway? $BTC is pure tech beta now. Lower yields won't save it if AI/tech bleeds. Risk-on or nothing.
$SPX -1.2% but equal-weight +0.8% — widest divergence in 2 years
Chips got slaughtered -6.7%
Russell 2000 flat +0.1%
10Y yields dropped -19bp
$BTC fell 3.6% alongside AI names, NOT the broader market.
The takeaway? $BTC is pure tech beta now. Lower yields won't save it if AI/tech bleeds. Risk-on or nothing.