Nasdaq is 1% from ATH while $BTC is down 50% from its peak. This isn't manipulation — it's actually revealing three structural shifts happening right now:

1. The liquidity divergence is real. Tech stocks benefit from corporate buybacks, passive ETF flows, and the Mag 7 concentration effect. $BTC doesn't have buybacks or 401k autopilot money. Different plumbing, different outcomes.

2. Correlation broke because the narrative changed. Early 2021-2023, crypto rode the "risk-on tech trade" wave. Now institutions are treating it more like a separate asset class with its own cycle timing. The Fed can juice equities without crypto catching the same bid.

3. Crypto is in a classic mid-cycle correction while traditional markets are in a momentum melt-up. Historically, $BTC bottoms 12-18 months before making new highs while equities can grind higher on earnings. We're seeing that playbook again.

The real question isn't why they diverged — it's whether this sets up the next major rotation when liquidity finally flows back into crypto. That's when the catch-up trade gets violent.