Money is this expensive, and stocks didn’t care at all

The bond market just finished its worst quarter since 1994, with yields jumping 87 basis points all at once
The 10-year U.S. Treasury yield topped 5.3% yesterday, the first time since April 2002
That same day, both the S&P and Nasdaq 100 closed less than one percentage point below their respective highs
Bitcoin went the other way: stocks rose, while it fell 0.9% last night
On this day a year ago, it first touched 126,000. Now it’s sitting at 86,000
That’s 32% below that level. It had already paid that bill once before
A few days ago, I said I wasn’t taking the long side in this move. I’m changing my mind now—the leg down it needed to take has already been completed
From here, I think Bitcoin will perform better than the Nasdaq
I don’t buy the Nasdaq’s new high