This divergence reflects a market that is broadening beyond mega-cap tech, likely driven by expectations of lower rates benefiting value/cyclicals, or profit-taking in tech after a strong run. For crypto, it suggests that while overall risk appetite remains (S&P 500 strength), the marginal buyer may be rotating out of high-beta assets, which could cap crypto's upside unless tech leadership resumes.

S&P 500

Nasdaq 100

The S&P 500 has recovered from the summer selloff and is setting records, while the Nasdaq 100 has not yet reached its record high, creating a ten-month divergence.

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