Every time a new Fed Chair steps in, markets usually go through a rough period first. Uncertainty tends to hit before confidence does.

We’ve seen it happen across multiple cycles, volatility increases, liquidity tightens, sentiment turns bearish, and markets start pricing in fear before the new policy direction is even fully understood.

And honestly, this time doesn’t feel much different.

A lot of people are reacting to headlines, but I think the bigger issue is the second order effects: inflation pressure, geopolitical tensions like the US-Iran situation, tighter cash conditions, lower risk appetite, and institutions aggressively repositioning capital.

Crypto especially feels far more institutions driven now than retail driven. The market moves less on pure hype and more on liquidity, interest rates, macro uncertainty, and institutional positioning.