There's a second force weighing on BTC that isn't getting enough attention. The $10 trillion software sector is selling off hard as investors reprice the risk that AI could compress profit margins across the industry. Institutional portfolios increasingly treat Bitcoin and software equities as the same "tech risk factor." So when the Nasdaq gets hit on AI disruption fears, Bitcoin goes with it. BTC is down over 25% year-to-date.
The geopolitical stuff is real, but this AI repricing underneath is the part most people are missing. Looks like Bitcoin still can't shake the tech correlation when it matters most.