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(CyrilXBT)