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The soft-landing trade is running with conviction today, and equities are not waiting for confirmation. PCE turned negative month-on-month, GDP printed 1.5%, yet Amazon bounces 9% on a guidance miss and KOSPI posts a record single-day gain. Markets are reading slow growth as the green light they wanted. BTC at $63,700 is telling a different story. While risk assets rally, crypto is flat to down, and the Nasdaq correlation people relied on as shorthand for "risk-on = crypto up" is visibly breaking. I read this as a structural shift in how BTC gets priced, not a divergence that eventually snaps back. That makes the coming weeks more interesting than today's cross-asset noise. DYOR. #OKXOrbit