And yeah, this slide didn’t come out of nowhere.
Since Trump floated Kevin Warsh as the next Fed Chair, the tone shifted fast. Risk assets felt it immediately. Crypto especially.
Let’s be real about who Warsh is.
This guy is old-school Fed discipline.
No free money fantasies.
No “save the market at all costs” mindset.
Core of Warsh’s worldview:
Monetary discipline comes first
Financial system stability > asset prices
Liquidity is a tool, not a lifestyle
Now here’s the part most crypto bulls don’t want to hear.
Warsh is not a crypto believer.
He doesn’t see it as “the future of finance”
He doesn’t romanticize decentralization
He looks at crypto as systemic risk + regulatory exposure
That alone changes the game.
Markets aren’t stupid.
They price regime shifts, not just rate cuts.
When the potential Fed head signals:
“No unconditional liquidity. No blind backstopping.”
…risk gets repriced. Hard.
I’ve lived through enough cycles to tell you this:
When macro stops protecting you, charts break cleaner and deeper than people expect.
This isn’t about one headline.
It’s about the floor disappearing under assumptions people didn’t even realize they were standing on.
And BTC at $74K?
That’s not panic yet.
That’s recognition.
