Money is so expensive now, but the stock market doesn’t seem to care at all. The bond market just wrapped up its worst quarter since 1994 in Q3, with interest rates jumping 87 basis points in one go. The 10-year U.S. Treasury yield hit just over 5.3% yesterday, the first time since April 2002. On the same day, both the S&P and Nasdaq 100 closed less than 1% away from their all-time highs. Meanwhile, Bitcoin ($BTC) is doing the opposite. Stocks are up, but it dropped 0.9% last night. Exactly one year ago today, it hit $126K for the first time. Now it’s sitting at $86K, down 32% from that peak. But it already accounted for that drop a while back. A few days ago, I said I wasn’t bullish this round. Now I’m changing my stance—its drop is done. From here on, I think Bitcoin will perform better than the Nasdaq. As for Nasdaq’s new highs? I’m not buying it.