What’s surprising about the selloff is the macroeconomic context. Investors often casually assume that crypto assets are (or at least should be):

1. Positively correlated with precious metals
2. Negatively correlated with the U.S. dollar (USD)
3. Positively correlated with technology stocks. 

As we will see, the truth behind these assumptions is complicated. That said, over the past year, precious metals prices have risen substantially, despite their recent correction (Figure 2). Meanwhile, the U.S. dollar has weakened versus most other major currencies (Figure 3). Finally, despite a recent loss of upside momentum, U.S. equities have performed solidly since early 2025 (Figure 4).