crypto / markets

Frames the sell-off as the unwind of 2025's 'debasement trade', the bet that deficits and rising debt would erode fiat. With markets pricing two hikes by March 2027 under new chair Kevin Warsh, gold, silver and bitcoin fell together despite their safe-haven billing.

“The debasement trade, 2025's dominant macro thesis, is unwinding as the Fed signals tighter policy, dragging metals and crypto down together.”