Bitcoin is holding near USD 78,000 as global bond yields push toward multi-decade highs, forcing a fundamental question about what kind of asset it has become. Is the tightening relationship between Bitcoin and gold a signal of maturity, or a warning that crypto's uncorrelated premium is quietly eroding?

Corporate Bitcoin adoption has not disappeared. Rather, it has transformed from widespread accumulation into a financing-dependent macro trade. How will this evolution shape crypto going forward?