Starting from its Jan 30th close near $82,000 (right after Kevin Warsh was nominated as Fed chairman), Bitcoin would end up plunging over 25% into yesterday’s close on Thursday and show the most oversold levels since 2018.

Several factors likely contributed to the move:

Kevin Warsh’s nomination reinforced hawkish expectations

The 10-year Treasury yield rose to 4.35%, strengthening the dollar

Soft labor data increased recession concerns

Correlated selling in risk assets like $IGV

A cascade of leverage-driven liquidations in crypto markets

Importantly, none of these altered Bitcoin’s underlying mechanics.

But did anything fundamentally change with Bitcoin’s bull case?

Our…

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