The S&P 500 just printed a new all-time high.Russell 2000 looks primed for continuation.Emerging markets have confirmed a breakout. Taken together, this is one of the clearest broad risk-on regimes we’ve seen in this cycle. Gold and silver have absorbed liquidity that would typically flow into higher-beta risk assets, a dynamic that, in our view, is delaying rather than resolving the underlying adjustment. Since October 10, roughly 50% of market makers in the space have exited, and the resulting liquidity unwind has artificially extended the current bear phase. That leaves two dominant scenarios for Bitcoin: 1) BTC has been front-running global markets, implying a sharp downside repricing across equities and commodities is imminent. 2) BTC is lagging the macro regime, implying a significant upside repricing to converge with fair value, currently estimated near $116,000.(𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰)