Bitcoin’s BTC$66,924.57 recent struggles to rise in tandem with U.S. stocks have sparked a wave of explanations, from concerns about Michael Saylor’s (MSTR) bitcoin selling to questions about whether institutional demand is beginning to fade.

The crypto asset has lost more than 16% of its value in the past month, while U.S. stocks — the S&P 500 is up 5% over the same period — have climbed to all-time highs.

For years, the two asset classes tended to move in the same general direction, but that relationship has broken down. Even so, many market participants are asking why bitcoin has failed to rally alongside recent industry developments and the surge in interest surrounding topics like tokenization.

Charles Schwab director of digital…