Traditional equities like the S&P 500 are staging a historic comeback, shaking off weeks of geopolitical anxiety to chart new all-time highs.<\/p>\n
Yet Bitcoin<\/a>, which has historically been a synchronized beneficiary of risk-on sentiment, is noticeably dragging its feet, leaving investors questioning what is missing from its narrative.<\/p>\n The S&P 500 closed higher by 0.8% this week, pushing the benchmark index to a record 7,022.95 and eclipsing its previous peak established in late January.<\/p>\n The milestone marks a dramatic reversal from the turbulent first quarter, where the index plummeted nearly 10% to a local bottom of 6,316.91 on March 30 amid the US-Israel-Iran conflict<\/a> and subsequent oil price shocks.<\/p>\n While Wall Street celebrates a return to \u201cgreed\u201d and heavily capitalized tech stocks reclaim their market dominance, Bitcoin remains ensnared in a prolonged consolidation phase.<\/p>\n The flagship cryptocurrency continues to trade significantly below its previous all-time high, highlighting a rare and persistent decoupling from traditional risk assets that has not been observed with this severity since 2020.<\/p>\n\n