For the first time in history, bitcoin is not moving in lockstep with the stock market. It's now behaving like a hedge to geopolitical uncertainty. When the stock market plunged during Covid, so did bitcoin. And this was always case over the last 10+ yrs. But not this time. Despite the market nose-diving in response to tariffs, bitcoin is holding steady at +80k. It's starting to look less and less like a risk-on asset. We are in new territory.