According to André Dragosch, BTC’s recent performance has not been driven by macro factors, with the majority of the downside attributed to coin-specific long-term holder selling, source: André Dragosch on X, Dec 30, 2025. This LTH distribution helps explain the divergence between Bitcoin and major assets like the Magnificent 7 equities and Gold, which are pricing a benign macro backdrop, source: André Dragosch on X, Dec 30, 2025. For trading decisions, the source indicates coin-specific flow dynamics are more relevant than macro prints in the near term when assessing BTC direction, source: André Dragosch on X, Dec 30, 2025.