According to @Andre_Dragosch, Bloomberg Economics’ in-house quant model indicates BTC’s 2025 downside has been largely driven by crypto-specific factors rather than macro variables, with macro conditions remaining supportive throughout the year, source: @Andre_Dragosch citing Bloomberg Economics. According to @Andre_Dragosch, this aligns with the view that idiosyncratic long-term holder (LTH) selling was the primary driver of BTC’s underperformance versus a positive macro backdrop, source: @Andre_Dragosch citing Bloomberg Economics. According to @Andre_Dragosch, traders assessing near-term BTC risk should emphasize crypto-internal flows—especially LTH distribution/selling—over macro shocks given the model’s attribution, source: @Andre_Dragosch citing Bloomberg Economics.