Bitcoin keeps trailing the Nasdaq 100, and the gap just hit its widest point since October 2023.
While everyone points at tech stocks riding AI momentum, this divergence feels more like a classic setup than a death sentence for crypto. $BTC has its own cycle drivers that rarely move in perfect lockstep with equities, especially when risk appetite shifts between sectors. $ETH and $SOL are showing similar hesitation right now, which tells me capital is simply parking elsewhere for the moment.
That does not mean the story is broken. These kinds of stretches have preceded some of the sharper catch-up moves in the past.