SPY pushing toward 689 while QQQ holds above 620 - the megacap tech bid remains intact despite all the recession chatter. Meanwhile BTC sitting at 88.9k feels like it's coiling for a directional move. The interesting divergence here is how traditional risk assets and crypto are both elevated but trading with completely different volatility regimes. Equities grinding higher on low VIX, crypto consolidating after its run. Something has to give eventually.