Has Bitcoin’s growing correlation with U.S. stocks undermined its “de-risking” narrative? Once hailed as a hedge against traditional markets, Bitcoin’s price movements increasingly mirror equities, particularly tech-heavy indexes like the Nasdaq. Data shows a rising correlation coefficient, suggesting shared macroeconomic drivers—interest rates, inflation fears, and investor sentiment—now bind them. This convergence questions Bitcoin’s role as a safe-haven asset, especially during market turbulence. Critics argue this reflects a failure to decouple from centralized systems, as institutional adoption ties it closer to Wall Street. Yet, supporters claim this maturation signals broader acceptance, not a betrayal of its roots. As volatility persists, Bitcoin’s identity—decentralized rebel or institutional darling—remains in flux, challenging the notion of it as a risk-off alternative.