Bitcoin is off about 40% from its October 6 peak near $126,000, back to levels we hadn't seen since around March 2025. In this video, we dig into what's actually behind the move beyond the usual "risk-on" framing, starting with how closely BTC has been tracking the Nasdaq and why that correlation tends to tighten when markets get stressed. We also look at a key shift that started in October: Treasury yields stopped falling. The 2-year has mostly gone sideways, but the 10-year has pushed notably higher, from around 4.0% to 4.3%, with the dollar firming up alongside it. That combination makes the "Bitcoin as a hedge" argument harder to sustain, and it helps explain why price action lately seems to reflect both liquidity conditions and broader risk appetite. Finally, two macro stories worth paying attention to: Kevin Warsh as the presumptive next Fed Chair and what the dovish-versus-hawkish debate around that means, plus a new government shutdown that could limit the flow of economic data in the near term.