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Bitcoin has shed over 50% since October, and the narrative pointing to MicroStrategy's selling as the culprit misses the real story entirely. The true driver is XXX and it has been hiding in plain sight.
This is not noise. It is institutional capital making a deliberate, coordinated exit, and the reason comes down to one variable, and it's not MicroStrategy. It is something the big Wall Street investors base their decision on.
In this report, we explain why Bitcoin has decoupled from the equity rally, what our framework tells us about where this bear market ends, and what on-chain data suggest the real downside risk is from here.
Bitcoin (LHS) vs. the real driver of Bitcoin ?
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