AMPLIFICATION ONLY — ADAM BACK GOES 10 X-WINDOWS WITH NO ORIGINAL FRAMING. THE TAPE IS DOING THE ARGUING.

Bitcoin opened at $65,047 today, down 1.6% from Thursday. Brent crude cleared $100 on the Middle East escalation. WTI cleared $91. The 10-year Treasury yield hit its highest level since January 2025. Fed rate-hike odds are climbing. The Fundamentalist read: the market is doing the thing it always does when energy jumps and yields follow — pricing in another round of inflation the Fed said it wouldn't have to fight. Bitcoin trades sideways through all of it. The correlation to the risk-off narrative that dominated 2022-2023 is weak now, and getting weaker every macro shock. That's the story that isn't a story yet — Bitcoin behaving like the reserve asset it claims to be while equities take the pain.