Bitcoin pushed back above $72,000 on Thursday as improving risk sentiment lifted crypto and stocks, but the rebound did not carry over to every name tied to the sector.

Circle fell about 10% to $85.10, while Bullish dropped roughly 6% to $36.12 even as bitcoin traded near $71,900 after topping $72,900 intraday.

The split says something about where the market is getting more selective. Bitcoin’s move higher still works as the headline, especially when macro pressure eases and traders lean back into risk. But for crypto-linked equities, the story can change quickly once valuation, margins or earnings durability…