The question isn't why Bitcoin isn't following stocks higher. The question is whether stocks are ignoring the same macro signals Bitcoin is already pricing in.

In other words, while equities appear to be celebrating peak liquidity, compressed credit spreads, and the AI-driven growth narrative, Bitcoin seems to be discounting a different macro reality.

The divergence suggests that BTC may be paying closer attention to the path of rates and tightening financial conditions than stocks currently are.

If the market's hawkish rate expectations prove correct, Bitcoin's relative weakness today could end up looking less like underperformance and more like early price discovery.