Spot Demand Emerges as Policy Signals Tilt Toward Financial Repression

Crypto extended its rally Wednesday even as equities softened and yields retraced much of the prior session’s decline. The divergence is significant: digital assets are beginning to decouple from their recent correlation with risk assets, and the composition of buying is shifting in a way that suggests this move may prove more durable than the short-squeeze-driven rallies that characterized June and July.