#比特币对比代币化黄金 BTC and U.S. stocks really broke up this time? First time in 11 years

There’s been a strange phenomenon in the market this year: the S&P 500 has soared 16%, while $BTC is still struggling in a 3% loss rut. The last time this happened was in 2014—exactly 11 years ago.

Even in the worst crypto winters, Bitcoin rarely moved opposite to other risk assets. But this time, it’s really gone off the rails.

Looking back at last October, BTC surged all the way to a historic peak of $126,000. At that time, institutions were scrambling to buy in, regulations were loosening, and everything looked great. The result? Retail investors didn’t pick up the baton, and in just two months, it dropped 10%, wiping out over $1 billion in market cap, now wobbling around $90,000.

BTC and the stock market used to be best buddies, especially during the pandemic—low interest rates flooded the market, stocks rose and so did BTC, all speculative assets were booming together. But now? AI concept stocks are flying high, capital is pouring into computing power, gold and silver are flirting with record highs, and BTC is just sulking in the corner.

Miller Tabak’s chief strategist Matt Maley put it bluntly: “Bitcoin is a momentum play. For the past decade, it’s led the bull run. This year, precious metals are stealing the spotlight, and that’s where the money’s flowing.”

Market sentiment is shifting too. Inflows into Bitcoin ETFs have noticeably slowed, and longtime HODLers are starting to short. The technicals look even worse, with all kinds of indicators flashing red.

But FRNT Financial CEO Stéphane Ouellette is pretty relaxed about it: “BTC just ran up too hard before. Over the past two years, it left the S&P in the dust, so a pullback is normal. Stocks are catching up, crypto is digesting gains, each playing their own game.”

So, is this divergence just a temporary breakup or a permanent split? The market is still figuring it out. $ETH $BNB