Here to try and debunk that “Bitcoin has failed as a debasement asset” This $BTC breakdown is not some existential thing to me. Yes, metals outperformed in the exact moment we were meant to shine. But I just do not think that was due to some sort of mass migration away from the dollar, where Bitcoin was left behind. I tend to think it was great narrative driven by momentum flows that saw an opportunity for excess returns while equities looked expensive. I also know many momentum funds / traders who originally INCLUDED $BTC in the debasement basket. It looked like it was working for a while, until a concentrated cohort of OGs with billions of dollars of the coin dumped on our heads, and completely killed the vibe. It is also important to remember how much appreciation for crypto was frontrun in 2024, with the ETF approvals and the Trump election. When it became relatively apparent that the momentum was in Gold and Silver, which were in a bit of a supply shock (and thus, had much smaller relative sell walls) - the flows simply went there. That’s it. If this capital truly cared about debasement, the participants wouldn’t have sell targets. Nor would you see silver down 30% in a day and gold at historical levels of vol. These are late mercenary flows chasing momentum assets that fit nicely into a longer term narrative. It is incredibly disappointing that Bitcoin was given a layup by the market to outperform, and failed to do so due to lack of short-term momentum. But I refuse to believe that means the Bitcoin narrative is “broken”, simply because we deviated from the rest of the market for just 5 months. Real debasement takes place over decades, and will involve tremendous amounts of passive flows entering dollar hedges every year. BTC itself is still on a journey to be 1 of maybe 2 assets that could possibly absorb those flows. This is not something that can be undone by 2 quarters of price action after 17 years of cooking. It’s now apparent that the sharpest BTC drawdowns we’ve seen (10/10 and 2/5) were caused by factors largely detached from the spot flows that we really care about. 2/6 was an opportunity for a new generation of $BTC spot buyers to participate in the story. Many of my friends bought their first Bitcoin in the aftermath. These are the flows that are actually important as we proceed in this multi-decade journey towards flipping gold. I do not think these opportunities present themselves often, and I view it as a period for us to reset expectations and rebuild the holder base for BTC.