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A new Federal Reserve Chair is about to take office. Looking back at history, every time there has been a change or significant renewal of the Federal Reserve Chair, Bitcoin has experienced a sharp correction:
In January 2014, Janet Yellen officially took over as Federal Reserve Chair → BTC subsequently plummeted 83%;
In February 2018, Jerome Powell first assumed office → BTC experienced a maximum drawdown of 73%;
In May 2022, Powell began his second term → BTC still declined by 61%.
In these three cases, with different times and backgrounds, a highly similar pattern emerges: the transfer of Federal Reserve power is often accompanied by adjustments in monetary policy expectations, tightening liquidity conditions, and risk assets bearing the brunt.