Bitcoin may no longer be moving in lockstep with the S&P 500 over a short time frame, but that does not mean it has escaped the broader risk-off regime. In Axel Adler Jr. ’s latest morning brief, the more important signal is not the breakdown in short-term correlation, but Bitcoin’s continued relative weakness against US equities. Bitcoin Weakens Against The S&P 500 Adler’s argument rests on two charts that, taken together, push back on the increasingly familiar claim that a lower BTC-equity correlation automatically points to decoupling