Wintermute's latest analysis reveals that Bitcoin maintains a high correlation of 0.8 with the Nasdaq, yet exhibits a negative skew characterized by sluggish responses to stock market gains and amplified reactions to declines. This structural weakness suggests a shift in capital and narrative towards U.S. equities, highlighting the fragile liquidity in the crypto market. Historically, such patterns have been observed at market cycle bottoms rather than tops, indicating a phase of emotional exhaustion rather than exuberance.