According to @Andre_Dragosch, their macro factor model indicates an increasing share of BTC’s recent underperformance is explained by non-macro, bitcoin-specific factors, pointing to idiosyncratic drivers dominating short-term returns; source: @Andre_Dragosch on X (Dec 8, 2025). For trading, this supports prioritizing crypto-specific catalysts and risk controls over broad macro hedges when managing BTC exposure, as the explained variance is shifting away from macro factors; source: @Andre_Dragosch on X (Dec 8, 2025).