TLDR

Between Aug 13 – Aug 18, Bitcoin has fallen ~ -8.15% from its recent high. Meanwhile, the S&P 500 futures (ES1) dropped –0.78% and Nasdaq futures (NQ1) fell –1.35%. This divergence implies a BTC macro beta of 6.0x to 10.4x,  far exceeding its empirically validated range of ~2.0x during macro-correlated periods. Assuming equity indices remain stable, this dislocation suggests BTC is trading 5-7% below its fair beta-aligned value. No meaningful ETF outflows, structural liquidity shocks or macroeconomic catalysts other than Jackson Hole (or short for J.Hole😃)  has occ