Why The Bitcoin Price Is Down Since April

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In this episode of Bitcoin Magazine’s “Fed Watch” podcast, hosts Christian Keroles and I, Ansel Lindner, reviewed my latest article “What Caused the Mid-Cycle Bitcoin Price Correctionand then did a tour of recent central bank news from around the world. We also hit on the future of China, North America and the Fourth Turning.

My recent article was about the most important narratives from the second quarter of the year, that when plotted on a chart, all overlap right as the bitcoin price fell in the second week of May 2021.

Grayscale’s Bitcoin Trust (GBTC) unlocks were so correlated to price that it is undeniable that they played a major role in price during this period. In the article you can get an introduction to the GBTC product, but for these show notes it will suffice to point out that the large series of unlocks while at a discount began the exact day of the current top, and continued until July 17, just before the bottom.