6/12 🧵 That also helps explain the digital-gold failure test. When macro turned inflationary again in late 2025 — commodities rallied, gold/silver/copper pushed higher — bitcoin didn’t trade like monetary metal. It traded more like risk tech. By Q4 2025, its correlation with the software/growth complex reportedly tightened hard, hitting +0.64 with IGV. That’s not “store of value” behavior. That’s long-duration asset behavior wearing an orange hat.
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