Spot ETFs approved. Genius Act signed. Corporate treasuries holding BTC. Sovereign wealth funds circling. The institutional case for Bitcoin has never been stronger.

And yet BTC is 47% below its all-time high while the S&P just closed above 7,600 for the first time.

The rotation into AI explains some of it. But it doesn’t fully answer why the best macro backdrop crypto has ever had isn’t showing up in price at all.

Is the institutional story already priced in and the market is waiting for the next catalyst, or has the same capital that drove 2021 just found a better trade?

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