Digital gold is what they call it.
$BTC tagged a 52-week high after hours.
Gold sold and oil dumped.
BTC/GLD just printed the 98th percentile.
Correlation with gold collapsed to 0.13.
That’s the identity breaking, not a hedge confirming.
It ran the same book as mega-cap tech.
Fear and Greed is still sitting around 34 while price tags highs.
If this stretch mean-reverts, crypto takes the hit first.
GLD was the hedge today.
Bitcoin was the chase.
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