I just saw a very interesting analysis by Henrik Zeberg about the correlation between Bitcoin and the Nasdaq. The analyst warns of something that many in the community don't want to hear: BTC is too tied to tech; it's not that independent digital gold we all believe in.

What caught my attention is the Buffett indicator at 170% of GDP. That's higher than before the dot-com bubble. We have an expanded top model in the major indices, which basically means we're in dangerous territory when it comes to valuations.

The logic is simple: if the Nasdaq suffers a sharp correction, BTC falls with it. It's not as independent as many believe. Henrik Zeberg makes this clear in his analysis, and honestly, it makes sense when you look at the charts.

From a risk perspective, if the tech bubble materializes, defensive assets like gold and short-term bonds would be the winners. But for Bitcoin, high-beta altcoins, and mega-cap tech stocks, it would be disastrous. Macro funds might be rotating capital out of risk assets right now.

The most dangerous scenario is if the tech bubble bursts at the same time as a recession. That would hit both stocks and cryptocurrencies simultaneously. It's not a likely scenario, but it's not impossible either.

Currently, BTC is at $69.81K with +3.13% in 24h, ETH at $2.15K (+3.84%), BNB at $606.70 (+2.17%). The rise is real, but the question Henrik Zeberg leaves hanging is whether it's sustainable if tech runs into trouble. It's worth keeping in mind as we navigate these levels.