According to @CryptoMichNL, Bitcoin (BTC) is increasingly behaving like a traditional macro-driven risk asset, losing its status as an uncorrelated hedge. A report by NYDIG cited in the analysis highlights that Bitcoin's correlation with U.S. equities has reached 0.48, a level near the higher end of its historical range. This indicates that when Wall Street sentiment turns negative, Bitcoin is likely to follow suit. This trend is occurring while the Nasdaq hits new all-time highs and Bitcoin remains under pressure, a dynamic influenced by recent macroeconomic data suggesting potential stagflation. Furthermore, the analysis points out that the 'digital gold' narrative is weakening, as NYDIG notes Bitcoin's correlation to physical gold is near zero. For traders, the key takeaway is that this high correlation with equities may persist in the short to medium term as long as global risk sentiment, central bank policy, and geopolitical tensions remain the dominant market drivers.