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$BTC is gradually decoupling from Nasdaq while strengthening its correlation with gold—suggesting the market may be changing how it values Bitcoin. Its 90-day Nasdaq correlation has fallen sharply, while gold correlation has climbed above 50%. $BTC is increasingly viewed as a scarce, hedge-like asset rather than simply a high-beta tech trade. But short term, Fed policy still matters. Higher yields can pressure both BTC and gold. $ETH remains more closely tied to tech and risk appetite.