BTC −5.2% 7d but −33% YTD, and it closed at its 30d low. The levered way to own it fell far harder: MSTR −41.7% over 30d, 22.5pt behind BTC. The gap points to stress in the funding stack, not just amplified BTC beta.
SOL was the only major to decouple to the upside: +6% 7d, 11.2pt ahead of BTC, on its own flow (tokenized-equity volume, ETF inflows, high staked share). Watch SOL/BTC around 0.00115.
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