$BTC are finally waking up — and the macro setup explains why.
The Russell 2000 peaked back in Q4 2021.
It stayed quiet while large caps stole the spotlight.
Even when the S&P 500 kept printing new highs from Q1 2024 onward, small caps lagged. Patience was tested. Conviction was questioned.
Then Q4 2025 happened.
Russell 2000 broke into a fresh all-time high.
Now comes the important part — it has started to outperform the S&P 500.
That’s the shift.
Capital always rotates. First into safety. Then into size. Then into risk.
Small caps don’t lead at the start — they explode after structure is bu