$BTC This is because the crypto market is more driven by liquidity than other asset classes, as it lacks fundamental support like stocks or commodities. This makes it more forward-looking rather than reactive, while stocks and other markets react more slowly to these changes, relying more on current data and policy changes rather than pricing in macro tightening in advance. Through our technical analysis, we were able to predict this shift. In the chart below, you can see that BTC peaked and began its downtrend phase before financial conditions started to tighten(yields rose). When yields rise or are expected to rise, risk assets face more pressure due to inflation expectations. When yields decline and liquidity improves, the opportunity cost of holding risk assets decreases, supporting greater upside potential. We will continue to monitor the BTC/US10Y chart to identify possible macro bottoms and reflect global dovish shifts in advance. ‌