Fed Funds Rate

The price of money itself. Every hiking and easing cycle since 1954 in one line — including the 2022 sprint from zero to 5%+, the fastest since Volcker, which repriced every asset on earth.

Bitcoin has now lived through one full hiking cycle, and the correlation was unambiguous: crypto's 2021 top arrived as hikes were priced in, the bottom as they peaked. Cuts are the fuel every crypto bull thesis quietly assumes.