Background Information: Over the past year, Bitcoin prices have performed strongly, reaching a new high market capitalization of $2.1 trillion. However, the correlation between the market capitalization of Bitcoin mining companies and Bitcoin prices has significantly decreased.

Key Events: The correlation between Bitcoin and mining companies (such as Marathon and Riot Platforms) has declined, with a decrease in Bitcoin reserves held by miners, indicating that miners are selling Bitcoin, leading to a decline in their market capitalization.

Potential Impact: This decline in correlation typically signals that the market is about to experience significant volatility, possibly indicating a trend reversal. Miner behavior is viewed as a leading indicator of market health, and historically, changes in miner market capitalization often precede changes in Bitcoin prices. Bitcoin may currently be entering a strong upward phase, while the macroeconomic environment is unfavorable for mining companies.