📊 MACRO SIGNAL: BTC Dump = Policy Shock
Today’s sell-off wasn’t random.
It’s a policy-driven liquidity repricing.
Hot PPI data + a more hawkish Fed outlook triggered a classic risk-off rotation, crushing $BTC and $ETH alongside other risk assets.
On-chain data shows controlled deleveraging, not panic selling. This is institutional de-risking, not retail capitulation.
🔻 Verdict: Bearish
Crypto is trading rate expectations, not fundamentals.
The Fed controls the narrative.
