The hiding place used to be Treasuries. That market is now the offering: $40 trillion of claims, issuance without a natural bid, long yields at levels that used to mark stress. Equities can still discount this as cyclical. Bitcoin is beginning to price it as structural — decoupling from stocks as an exit from debasement rather than another levered claim on growth. Fixed supply. Math with no committee. ETFs that institutionalize the bid. A president all-in. AI agents and a digital economy will settle in scarcity, not in a liability that can be enlarged by vote. Price will stay noisy. The direction of the forces will not. This has never been more obvious.
$DOW and $NASDAQ are down today, as $BTC is up significantly — all on the same Treasuries news. This is exactly the dis-correlation we want to see in our favorite asset when the macro and monetary sh1t hits the fan.