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$BTC is proving that macro still matters.
This quarter's pressure hasn't come from fear or collapsing markets.
It's come from rising real yields and a persistently strong dollar, quietly draining liquidity while traditional risk assets continue to hold up.
That makes this environment unusually deceptive.
Equities remain strong. Credit markets show little stress. Volatility stays muted. Yet Bitcoin continues to absorb the weight of tighter financial conditions.
The next major move may not depend on panic.
It may begin the moment these macro headwinds start to fade.