IBIT vs QQQ: Crypto Isn't Driving Any FurtherIBIT/QQQBATS:IBIT/BATS:QQQPandorraResearchWhile semiconductors are setting the pace for the entire risk-on market, crypto once again looks like an overheated narrative that fizzled out faster than it accelerated. In early 2024, the launch of the first Bitcoin ETFs provided a powerful emotional boost, but it proved short-lived. Then came the Trump rally from November 2024 to October 2025, when the market was abuzz with slogans about the "crypto capital of the world" and the "crypto czar." But in reality, it turned out to be exactly what it sounded like: blah, blah, blah. Then Trump himself quickly shifted to semiconductors "on the fly". IBIT/QQQ doesn't just show crypto's weakness—it shows a leadership shift. Now the main point is clear: crypto is no longer driving anymore. It doesn't set the market tone, doesn't drive risk appetite, and doesn't appear to be an asset capable of consistently outperforming the broader market. Semiconductors, however, now are a driving force. They have become new real driver of this cycle: liquidity, growth, the AI story, structural demand, and much stronger relative dynamics. Against this backdrop, IBIT looks like a tired old toy, less like a leader and more like a lagging sector trade. This is clearly visible on the chart. The IBIT/QQQ ratio has already broken its previous structure, broken out of the channel, and continues to slide toward historically weak zones. This isn't a random pullback, but a loss of relative strength. The RSI also confirms the picture: momentum is weak, demand is sluggish, and buyers are in no hurry to return crypto's premium against the Nasdaq. The main point here is simple. The market always chooses what really works, not what's most hyped in the media. Crypto had its moment of glory this cycle, but it wasn't enough to maintain its lead over QQQ. Moreover, compared to semiconductors, the crypto story looks increasingly secondary and less convincing. Conclusion: IBIT/QQQ remains in a bearish structure, and almost everyone who bought IVIT has fallen behind the market. Crypto is no longer surging, and the market has essentially digested and discarded all the political blah-blah-blah slogans about "a crypto capital", "institutionals" and "a crypto czar of the world" as noise.