The number of questions I received about BTC and on whether it's time to buy the dip or not recently has been above average. So here I am … doing a quick refresher on the global macro picture for the crypto market. And it couldn’t be simpler: Bitcoin is highly sensible to FED’s monetary policies, even more sensible than stocks are… Stocks can do pretty fine during FED’s tightening cycles, but BTC historically hasn’t, it’s a much higher beta asset. And the FED is about to start hiking rates, stop QE, reduce liquidity (QT) and all with a few months distances between each other… You can imagine Friends that we can’t (for the time being) be bullish on the sector. And don’t get me wrong… we don't like to be bearish crypto, but we like to be objective... and this still remains an environment to stay neutral to mildly bearish, while waiting for the macro conditions to align for the next major bull run. Which by the way… Might come earlier than everybody expects IF the FED slams the breaks too fast into a growth slowdown (which is currently taking place) that forces them to stop raising rates and start a whole new easing cycle. Don’t quote me on that of course, but it happened before, and it can happen again... the so called “FED put” in December 2018. When the FED effectively realized it hiked right into a major slowdown and had to meaningfully turn monetary policy around and shift to a more dovish stance. Unsurprisingly, that was also a BTC bottom… (Picture Attached) That’s literally when Powell admitted their most recent hike was a “miscalculation” and they would be “patient” on hikes from there... They ended up cutting rates soon thereafter in July. That was a fascinating event, and it could (most likely will) happen again but there's plenty of tightening to take place before that happens Friends, hence… be prepared for lower prices in crypto, and be enthusiastic about the amazing levels that will be