According to @santimentfeed, the past three months show a clear correlation break between crypto and equities, with returns since August 11 of gold +21%, S&P 500 +7%, and Bitcoin -15% (source: Santiment on X, Nov 12, 2025). @santimentfeed notes that over the prior four years crypto and equities were tightly correlated, and on that basis BTC may be undervalued relative to equities and gold (source: Santiment on X, Nov 12, 2025). This sets a 36 percentage-point spread between gold and BTC and a 22 percentage-point spread between the S&P 500 and BTC since August 11 (source: Santiment data via X, Nov 12, 2025).