Bitcoin's correlation with traditional equities has broken down in a way that complicates the bullish case, as ETF-driven demand now competes directly with AI equity flows for the same pool of marginal dollar liquidity. Through much of 2026, BTC tracked macro risk-off moves predictably — rising oil prices tied to the Iran conflict pushed yields higher, stoked inflation fears, and dragged both stocks and Bitcoin lower in tandem. That simple relationship has since shifted. Spot Bitcoin ETFs have introduced a new buyer base whose capital allocation decisions increasingly pit BTC against high-growth tech and AI equities rather than treating it as a standalone macro asset, creating a more complex and less predictable price dynamic as Bitcoin slides toward the $63,000 level.
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