Financial markets are hitting record highs, gold regains its safe haven status, but bitcoin remains stuck below $65,000. This inertia contrasts with the euphoria seen in traditional assets and fuels investors' questions. Indeed, the return of stagflation fears in the United States, persistent tensions in the Middle East, and a more uncertain macroeconomic environment blur the benchmarks. Why does the leading crypto remain aside while other markets advance? This divergence could signal a turning point for the market.