Bitcoin reacts more to bond yields than crypto headlines now.
That alone tells you how much the asset has changed.
The ETF era brought institutional liquidity into the system, but it also tied Bitcoin more closely to macro conditions.
Every time yields cool down, crypto wakes up again.
Every time liquidity tightens, leverage disappears immediately.
This is no longer the old retail casino cycle.
Bitcoin is slowly becoming a global liquidity instrument.
Volatility remains.
But the drivers underneath are becoming increasingly macro.