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Bitcoin's renewed correlation with gold matters less than the reason behind it. At $77,617, a 2.27% daily decline alongside similar weakness in ETH and deeper losses in SOL points to broad risk reduction, not a clean rotation into a digital safe haven. Iran reopening a Hormuz lane may ease one immediate inflation concern, but WalshInflationRisk remains the more durable macro signal. I would treat Schwab's crypto expansion as structural progress, while keeping a cautious near-term bias until BTC begins to separate from the wider risk unwind. Just my read, not advice.