🇺🇸 The U.S. stock market just ripped to a new ATH — +$10T in 30 days.

Meanwhile, Bitcoin is still ~40% below its $126K peak.

What’s going on?

3 brutal reasons:

Liquidity chose Wall Street

Institutions aren’t chasing risk—they’re parking capital in equities with yield, buybacks, and policy support.

Narrative fatigue

“Digital gold” sounds great… until real yields rise and stocks keep outperforming.

Regulatory drag & uncertainty

TradFi got clarity. Crypto still gets questions.

Different cycles.

Different flows.

Same market truth:

Money goes where confidence is highest.