Ethereum has experienced a significant shift in market dynamics over the past year. After hitting an all-time high in August 2025, Ether has entered a prolonged downward trajectory, falling nearly 70% from its peak. In this market commentary, Jim Iuorio of JI Financial Strategies breaks down the core macroeconomic forces driving this crypto drawdown, focusing on the sharp multi-month rise in the 10-year Treasury note and 2-year Treasury yields. More importantly, we explore the stark structural decoupling between major cryptocurrencies and technology stocks. While the Nasdaq-100 surged to historic highs of 31,000, Ether broke its long-standing positive correlation and fell more than 35%. Jim analyzes the morning price action of June 23rd to outline an essential thesis for retail traders: has crypto lost its correlation on the way up, only to re-establish it on the way down during risk-off cycles?