Adding to the post below. It should go without saying that for institutional investors, the now-vanished prospect of imminent rate cuts under Warsh is playing a big role in BTC’s selloff (see gold too). Any expectations of an extended hiking campaign are obviously unrealistic, but since expectations impact price, they will be important to watch. In the long run, we all know where monetary policy is going. Watch what the macro guys say and do on BTC in coming weeks and months. Paul Tudor Jones’ remarks in April about BTC as the best inflation hedge should be required viewing for anyone in this space (see my post on April 28). Note that Tudor has been hugely prescient on BTC; the firm was an IBIT seller in the second half of 2025, according to filings, but Tudor's most recent 13F showed it kept its existing position and didn’t sell any during the first three months of this year. The next round of 13Fs will be interesting and important, especially for known sovereign buyers like Mubadala.