Bitcoin trades in a regime where declining real yields and persistent fiscal deficits support the monetary premium thesis, yet institutional adoption remains selective rather than broad-based. The VIX's 45% decline over three weeks signals improving risk appetite, but Bitcoin's correlation with tech stocks near 0.55 suggests it continues trading as a risk asset rather than a monetary good. Fed policy remains the primary driver, with markets pricing in gradual rate cuts that would compress real yields and support long-duration assets like Bitcoin.

BTC tracking risk assets in line with recent regime, no notable decoupling today.