According to @Andre_Dragosch, 89% of BTC performance variation since 2015 is explained by macro factors, leaving only 11% as coin-specific, highlighting macro regime dominance in Bitcoin returns for traders to consider. Source: @Andre_Dragosch on X, Jan 19, 2026. He adds that he would fade the long-term holder (LTH) supply distribution signal, implying traders should prioritize macro catalysts over this on-chain metric when positioning in BTC. Source: @Andre_Dragosch on X, Jan 19, 2026.