BTC and the 90-day correlation to the Nasdaq has been smashed from 60% down to 33%, while gold has climbed to 50%. This Grayscale data is kind of interesting—the market is reclassifying BTC, shifting it from a risk asset toward a safe-haven asset. But don’t rush to label it “digital gold.” This correlation data lags badly; when the day the Fed changes its tone really comes, BTC will still have to kneel along with the Nasdaq if that’s what happens. Right now, it feels more like capital is looking for a middle ground to hide in when macro conditions are unclear. Don’t treat correlation as a belief.