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BTC is holding near highs after breaking $80K as flows remain divided. U.S. spot ETFs see net inflows, while profit-taking, options hedging and leveraged shorts rise alongside large onchain longs. Grayscale shows BTC's 90-day gold correlation rose from near zero at year-start to over 50%, while its Nasdaq 100 correlation fell to ~33%. The issue is whether BTC is shifting from a tech-risk trade to a debasement hedge. Higher rates and deleveraging could still dominate if the link proves temporary.