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Bitcoin is increasingly decoupling from traditional assets, according to a report by Puckrin. Correlations with gold, equities, the U.S. dollar, and interest rates have become inconsistent and, in some cases, negative—challenging the long-standing “digital gold” narrative. Instead, Bitcoin’s price action is being driven more by internal crypto-market factors, including stablecoin flows, derivatives activity, and broader market structure.
The report characterizes Bitcoin’s current phase as a transition rather than a confirmed bull trend, with lingering downside risk. It highlights a technical downside range and a structural support zone between $55,700 and $58,200. The analysis also points to volatility persisting into Q2, attributing price movement less to macro signals and more to credit conditions and liquidity within the crypto ecosystem.
Puckrin’s report also emphasizes a broader theme: the rapid growth of real-world asset (RWA) tokenization and stablecoin integration, which signals crypto’s evolution into a parallel financial system. RWA markets have surpassed $27 billion, up 263% year-over-year.
The report notes that major institutions—including BlackRock, JPMorgan, and Franklin Templeton—are building infrastructure aimed at faster settlement, lower costs, and 24/7 liquidity. However, scaling challenges remain, including cross-chain inefficiencies and pricing gaps, which the report suggests could delay broader adoption by 18–24 months.
Beyond macro decoupling, the report identifies several internal dynamics that could weigh on near-term price performance:
With Bitcoin’s correlations to traditional assets becoming less reliable and internal crypto-market drivers taking a larger role, the report suggests volatility may continue into Q2. At the same time, the expansion of RWA tokenization and stablecoin integration is positioned as a key structural development, though adoption timelines may still be constrained by scaling issues.

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