Rule #1 of Bitcoin: stop treating it like a stock.

When liquidity tightens, everything sells first - even the “safe” trades.
That’s not Bitcoin failing. That’s margin getting called.

Here’s the simple chain:

1. Higher real yields → higher cost of capital
2. Higher cost of capital → forced de-risking
3. Forced de-risking → anything liquid gets sold
4. Bitcoin is one of the most liquid risk assets on earth → it gets hit early

So short-term price action often tells you more about liquidity than Bitcoin’s fundamentals.

If you want to understand BTC, don’t just watch BTC.
Watch real yields, the dollar, and credit stress. That’s where the “why” usually starts.

Question for the room:
When BTC dumps, are you reading it as “thesis broken”… or “liquidity event”?