The bitcoin price is coming off its worst week since February, sliding more than 30% from last month’s highs and reopening an old question for investors: why is this happening now? According to Deutsche Bank, the sell-off isn’t driven by a single catalyst but a combination of market psychology, macro pressure, and shifting investor behavior.

The bank points first to a broader risk-off mood. Bitcoin is behaving less like an independent monetary asset and more like an extended-duration tech stock — moving closely with the Nasdaq-100 as investors de-risk across the board. That correlation has tightened as macro uncertainty rises.

The second driver is the Federal Reserve….

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