WOW: Bitcoin's correlation with tech has COLLAPSED. Over the last year, BTC has maintained a respectable relationship with high-duration tech: BTC / QQQ correlation: 0.44 BTC / IGV correlation: 0.40 But look underneath the hood. During the major tech-beta regimes last fall and again in Feb/March, Bitcoin's 20-day correlation with QQQ and IGV repeatedly lived around 0.60-0.70+. Today: BTC / QQQ 20D correlation: -0.05 BTC / IGV 20D correlation: +0.03 Essentially ZERO. Now look at what happened while that correlation disappeared. Since August 10: Bitcoin: +21.8% QQQ: -1.7% IGV: -3.0% The factor driving Bitcoin's marginal return appears to have changed. The market spent portions of the last year pricing BTC like an extremely volatile high-duration risk asset. Then the latest leg happened while software fell, Nasdaq fell, and Bitcoin ripped more than 20%. That is a completely different market structure. Bitcoin now has an idiosyncratic bid strong enough to rally without tech. If QQQ subsequently resumes its bull market while that Bitcoin-specific demand remains? You potentially go from one engine to two. BTC-specific capital keeps bidding Bitcoin. Then traditional risk-on liquidity comes back and starts bidding everything again. Correlation can re-expand because TECH CATCHES UP TO BITCOIN rather than Bitcoin needing Nasdaq to drag it higher. That is the regime change I'm watching. Bitcoin just rallied 22% while one of its historical macro transmission mechanisms effectively switched off. Something else is driving the bus now: