For years, Bitcoin and tech stocks moved like N*SYNC, but now that’s gone bye, bye, bye. As flagged by Apollo, the two have decoupled in recent weeks amid Bitcoin’s bear market, while the Nasdaq eld up. With diverging paths, it’s raising concerns about whether the market’s long-standing nature will hold (if, at all), and who stands to lose the most.

• In the past month, BitcoinBTC
  has plunged 20%, while the Nasdaq IndexNDAQ
  gained 2% — though all past decouplings eventually corrected, with one falling or rebounding.
• Unexpected Federal Reserve tightening dragged Bitcoin sentiment to “extreme fear” levels — triggering mass liquidations and fading enthusiasm over a muted post-halving rally.

Treasury tipping point: The carnage extends far beyond Bitcoin itself, as crypto treasury companies have shed $77B since July. With StrategyMSTR

worth less than its holdings, the model’s unraveling fast as firms like Metaplanet, FG Nexus, and ETHZilla sell tokens to fund buybacks, reversing the very technique that once drove valuations. Moreso, with Strategy’s Jan. 15 index removal looming (potentially forcing billions in outflows), CEO Michael Saylor’s “volatility is Satoshi’s gift” bravado is testing us all.