How is Bitcoin trading right now? Over the last decade we have seen six different regimes. 2017-2019: Bitcoin was uncorrelated with everything 2020: COVID liquidity shock, everything moved together 2022: BTC traded as a tech stock 2023: decoupled, uncorrelated again August 2024 - June 2026: tech stock again July 2026 to now: correlation with gold and silver We are currently in the rarest regime in Bitcoin's history. The only comparable stretch was in mid-2019 when BTC leaned toward gold and its correlation with stocks went negative. And interestingly enough, the last 30 days show equity correlation tightening again. If that holds, the lines cross back within weeks. That is the line to watch. It'll be very interesting to see if the monetary-asset thesis continues to show up in the tape instead of just being one of our favorite narratives as Bitcoiners.