The real Bitcoin bull market might only start when this signal appears. A lot of people are just watching BTC's price in USD. But what I’m paying more attention to right now is: BTC / Nasdaq Ratio. This metric doesn’t measure whether Bitcoin is rising, but rather— whether Bitcoin can truly "outperform the U.S. stock market." Since the 2025 peak, BTC / Nasdaq Ratio has plunged by about 64%. Interestingly, similar major crashes also happened during the bear markets of 2018 and 2022. And now: BTC / Nasdaq has rebounded about 15% from the bottom. But don’t rush to call it a bull market just yet. Because the real key hasn’t been broken: BTC / Nasdaq = 3.0 As long as the Ratio stays below 3.0, it means capital still prefers Nasdaq, and Bitcoin hasn’t truly regained market dominance. But if BTC / Nasdaq officially breaks through 3.0 and holds— everything changes. That would mean: Bitcoin starts outperforming tech stocks. Capital shifts back toward Crypto. BTC transitions from "rising with risk assets" to "leading the market rally." The real big moves in the market don’t usually start when everyone begins shouting bull market. They start when— Bitcoin begins outperforming everyone again. So from now on, I’m watching just one number: 3.0. Breaking it might be the true beginning of BTC’s comeback.