Bitcoin Idles as Tokenized Equity Trade Heats Up

Several of the things that had been actively scaring this market over the last two weeks have quietly stopped getting worse. Strategy clarified its reserve posture, the Iran headlines turned constructive, crude rolled over, Treasury yields drifted lower, the VIX collapsed, and CPI and PPI both printed in line. By any honest read of the macro tape, the backdrop today is more supportive than it was a week ago. And yet BTC and ETH sit 7% and 9% off their lows, respectively. That mismatch is the most important signal of the week.