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S&P 500 keeps making highs because $1.5T/year flows in automatically via pensions, 401(k)s, buybacks, and passive ETFs.
Bitcoin doesn’t have forced buyers.
On top of that:
• Stocks benefit first from rate-cut expectations
• BTC lags during tight liquidity + tax-loss harvesting
• Crypto moves after liquidity actually hits the system
Same macro. Different timing