Bitcoin’s drawdown continues, 30 days in and sitting 22% below its peak. The price trajectory is almost a mirror of February’s correction, which also started after a round of U.S. trade tensions. Back then, it took 79 days for Bitcoin to find a bottom about 30% below its high.

The key difference this time is that Bitcoin is falling alone. Back in February, risk-on assets across the board, including equities, corrected together. Now, the Nasdaq 100 has actually made new highs while Bitcoin has been in a drawdown. That divergence reinforces the view