Caroline Hyde

Definitely a step back.

I was sitting in my sofa nicely over the weekend and then Bitcoin fell.

It fell to its lowest since April, the tariff-driven volatility.

So it made a lot of investors panic.

Granted, thin liquidity over the weekend and fewer traders, fewer online.

And we know that when Bitcoin falls, it triggers a wave of liquidations.

We saw billions and billions of long and short positions fall.

But still, investors have been increasingly becoming a little unhappy with Bitcoin because macro factors that used to help it before haven't been really helping, like a weaker dollar.

That's supposed to be good for Bitcoin, but it's not really helping right now.

So now we're seeing January decline and it's really one of the longest streaks.

I think it's the fourth straight monthly decline, the longest streak since 2018.

I mean, Bitcoin shed nearly 11% in January.

At one point, it was trading the lowest since President Trump's return to the White House.

Much had been hoped for regulatory changes, in particular what might get through Congress.

That seems to have been put on ice.

Is that also an issue?

Definitely.

It's put on ice because if this president, which is supposed to be the most crypto-friendly president, can't help it, what can?

And you also see it in flows.

Flows are drying up.