⚠️ Macro Warning: Smart Money Not Engaging
Bitcoin at $75K — but Arthur Hayes made ZERO trades in Q1.
Signal: not bearish — waiting for liquidity.
Macro pressure building:
• Credit tightening
• Geopolitical stress
• No Fed pivot yet
Reality: BTC doesn’t fully expand without liquidity.
Until the Fed moves → market stays in a no-trade zone.
Verdict: patience phase. When liquidity hits, positioning flips fast.