A striking market phenomenon is unfolding: traditional asset classes continue to surge toward unprecedented levels. Equities are hitting fresh all-time highs. Precious metals—gold and silver alike—are climbing steadily. Money supply metrics and global liquidity indicators both point upward. Yet Bitcoin tells a different story.

While the broader financial landscape celebrates record-breaking rallies, Bitcoin sits 29% below its previous all-time high. This divergence raises a fundamental question: why is the world's flagship cryptocurrency underperforming the very macro conditions that typically drive institutional appetite for alternative stores of value?

The gap between Bitcoin's trajectory and that of traditional assets deserves scrutiny. Is this a rotation play? A market timing issue? Or something deeper about how digital assets are being valued relative to the risk-on environment we're experiencing? The disconnect itself might be the story worth watching.