Something is breaking beneath the surface of the S&P 500.
While the S&P 500 continues to rise, companies tied to Blockchain, Web3, and Crypto infrastructure are already falling.
This divergence is not random. It is a warning.
• iShares Expanded Tech-Software ETF is falling while the S&P 500 rises.
• Global X Blockchain ETF is falling while the S&P 500 rises.
• Bitwise Crypto Industry Innovators ETF is falling while the S&P 500 rises.
• iShares Blockchain and Tech ETF is falling while the S&P 500 rises.
This pattern has appeared before.
The Crypto and Blockchain sector is structurally more sensitive to liquidity conditions. It reacts first. It weakens first. And historically, it often anticipates broader equity market corrections.
Look closely at the chart.
The white line weakens before the blue line.
Crypto and Blockchain infrastructure stocks are not lagging indicators. They are leading indicators.
They function as an early warning system for global risk appetite.
The S&P 500 may still be rising, but the foundation beneath it is already eroding.
The market doesn’t collapse when everyone sees it. It collapses when almost no one does.
Data > Narratives.$ETH
