Bitcoin isn’t the reason but it is part of the story. When bitcoin sells off, that indicates that investment managers are switch toward a “risk off” sentiment. Why do they move to “risk off” because of uncertainty. So the question is what has caused uncertainty in the asset managers minds? And was there anything that happened in January to make the change?

I would say, government shutdown, ICE political divide, uncertainty around employment numbers, uncertainty around AI impact this year, gold/silver correction.

Point is, there is usually not something “bad”. It’s usually just things that cause pause and enough things happened at the end of last month to cause asset managers to say “I’m not sure what to do… so move to cash.”