EQUITIES ARE RUNNING AHEAD. CRYPTO HASN’T MADE ITS MOVE YET.
S&P 500 and Russell 2000 are already printing fresh highs, while $BTC and Ethereum are still catching their breath.
That divergence isn’t bearish. It’s a delay.
Liquidity doesn’t disappear, it shifts.
And crypto is usually the last stop.
This pattern repeats more often than people think.
When BTC and ETH finally respond, they don’t just follow the indices.
They accelerate past them.