The divergence is also visible across hard assets. Gold remains elevated near $4.4k and oil has recovered into the mid-$80s, while Bitcoin continues to trade near $60–65k following its sharp drawdown earlier in the year.
This suggests BTC has not participated in the broader bid for scarce or inflation-sensitive assets, instead continuing to behave more like a liquidity-sensitive risk asset. For a stronger macro recovery signal, we would want to see Bitcoin begin closing this relative-performance gap against both gold and oil.
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