Bitcoin Gets Massacred: Narrative Dead, Structure Broken

Benjamin Bitcoin

Like Benjamin Button, Bitcoin has been sold as anti-fiat money, gaining value as dollars age into dilution. Before 2025, that narrative held: BTC rose with falling USD and expanding global M2. Since 2025, the relationship has flipped. Bitcoin now trades less like anti-fiat money and more like a growth asset, moving with the NASDAQ-100 and reacting positively to dovish Fed pivots and negatively to hawkish ones, leaving the original thesis looking increasingly frayed. (Stifel's great macro team)

Note weekly RSI approaching the lowest reading in "forever".