BTC gained over 25% in August and briefly cleared 80K, but the crypto linked equity index that's supposed to track that momentum only closed the month up 8.81%. That's the interesting number nobody's highlighting. Names like Strategy, Coinbase and the miners have historically traded as leveraged proxies to BTC, often amplifying a move like this well beyond 1x. An index gain a third the size of the underlying asset's move suggests either profit taking out of equity wrappers into spot ETFs directly, or dilution and premium compression eating into returns on the corporate treasury side specifically. Worth watching whether that gap closes in September or if investors are quietly rotating away from the proxy trade toward owning BTC outright. Which way do you read the divergence?

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