Bitcoin has diverged sharply from stocks, the U.S. dollar and gold in recent weeks, according to Santiment data, reversing a market narrative that had treated it increasingly like a scarce monetary hedge. Bitcoin’s market cap has risen 36.0% since August 18, while the S&P 500 gained 0.8% and gold fell 1.5% over the same period. The decoupling followed bitcoin’s rebound from $75,000 after the CLARITY Act vote failed and its advance to a multi-month high above $87,000. In early September, bitcoin’s 90-day correlation with gold had exceeded 0.50 for the first time in about six years, while its correlation with the Nasdaq 100 had declined toward 0.30-0.33. Santiment said the latest move challenges that interpretation: gold has remained at essentially the same levels as bitcoin advanced, while U.S. stocks followed a separate path. Bitcoin also absorbed the Federal Reserve’s hike and the CLARITY Act setback from the previous week before rising above $87,000. The data does not establish a permanent break from macro markets, whose historical relationships with bitcoin have shifted with liquidity, monetary policy and investor positioning, but it shows the asset is currently not tracking digital gold, leveraged technology stocks or an anti-dollar trade closely.