We’ve had quite the week in crypto. Bitcoin rallied over 8%, with altcoins following suit. Even meme coins like “Fartcoin” — dubbed the ultimate hedge against U.S. hegemony — are catching bids, while “Trump Coin” surged 48%, bringing back a taste of the animal spirits.

Some might argue that this latest leg higher was fueled by Trump’s moonwalk on tariff talks and his latest apologies regarding jabs he threw at Fed Chair Powell. But that’s only the surface-level explanation.

What’s happening under the hood feels far more significant.

The Decoupling That Matters

Bitcoin has started to decouple from its previously tight correlation with U.S. equities — and that should not be underestimated. This divergence is the real story.

Historically, BTC has traded as a high-beta liquidity play, moving in lockstep with risk assets. But Monday’s price action told a different story: equities stumbled while Bitcoin climbed.

Chart 1.a: Monday’s Divergence Between Bitcoin and Equities

This isn’t just about speculative froth. It suggests that, at the margin, capital is beginning to search for gold-like alternatives — assets outside the dollar system where wealth might be preserved as cracks form in the old monetary order.