Bitcoin is up this week while every big US stock index is down. I run a daily cross-asset regime model to check whether 'crypto is decoupling' is real. It says no, and here is why.

I track a cross-asset regime model every day. It scores the backdrop from growth, liquidity, risk appetite and volatility, and ranks moves against their own history. This week threw up a clean split, so I dug into whether it means anything. Over the past week: Bitcoin +1.9%, Ethereum +2.6%, Solana +0.7%. Every major US stock index went the other way: S&P 500 -1.0%, Nasdaq 100 -2.2%, Dow -1.3%, Russell 2000 -0.4%. Two things that usually move together split. The tempting read is that crypto is de