Bitcoin is currently trading close to $68,000, down 43% from its peak in October 2025, marking a significant decoupling from traditional assets such as the S&P 500 (up 7%) and gold (up 51%). On-chain data indicates that this reflects strategic portfolio rebalancing by long-term holders rather than panic selling. As traditional markets perform strongly, Bitcoin is undergoing a stress test, which also challenges the notion of it being "digital gold."
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Bitcoin is currently trading close to $68,000, down 43% from its peak in October 2025, marking a significant decoupling from traditional assets such as the S&P 500 (up 7%) and gold (up 51%). On-chain data indicates that this reflects strategic portfolio rebalancing by long-term holders rather than panic selling. As traditional markets perform strongly, Bitcoin is undergoing a stress test, which also challenges the notion of it being "digital gold."