Bitcoin's 90-day correlation with the Nasdaq 100 has fallen from above 60% to 33%, while its correlation with physical gold has climbed past 50% to a six-year peak. That is a meaningful change in what Bitcoin is trading as, and it lands while total US debt clears $40 trillion and the Treasury expands its buyback program, the exact backdrop the debasement argument depends on. The caution worth keeping alongside it: during the 2022 tightening cycle, Bitcoin fell 77%, and rate-hike odds now sit between 66% and 68% for a 3.75% to 4.00% corridor.