Coin Rotation Stalls as Escalating Wars and a Hawkish Fed Delay the Cycle Low

Bitcoin is 9.5 months into the latest bear market, having absorbed three separate 30 percent drawdowns, with top buyers steadily rotating their coins into new hands. Those who once called for “the end of the four-year cycle” are now looking for “one more drawdown” — and it is playing out against escalating wars in Iran and Ukraine, the opening of U.S. midterm season, and a Fed jawboning about rate hikes. Here is where the cycle stands: