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Many changes have occurred in the market
The S&P 500 breaks new highs, a typical risk-on signal
Gold also breaks new highs, a standard risk-off signal
Risk assets are rising, safe-haven assets are also rising
So the question is, this year Bitcoin, which has been treated as a risk-on asset, has been stuck at 87,000 without moving
Theoretically, which side should it follow?
If BTC is digital gold, then it should follow gold
If it is a high Beta risk asset, then it should follow US stocks
But now, neither side is following
This is probably another example of how the market structure was completely distorted after the 10.11 event