Something unusual is happening in 2025. The S&P 500 has surged over 16% this year, yet Bitcoin has slipped 3%. Why does this matter? It's the first time since 2014 that we've seen stocks rally while BTC drops.

Think about that for a second. For years, crypto bulls argued Bitcoin would decouple from traditional markets. Well, it has—just not in the direction many expected. While Wall Street indexes are hitting new highs, the flagship crypto is treading water.

This divergence raises questions. Is institutional money rotating back to equities? Are macro conditions favoring traditional assets? Or is this just a temporary phase before crypto finds its footing again?

Whatever the cause, 2025 is shaping up as a year that challenges our assumptions about how these markets move together. The last time we saw this pattern was over a decade ago. Market dynamics have changed massively since then.