This episode examines the regulatory and corporate catalysts behind bitcoin’s forty percent drawdown from all-time highs, focusing on China’s ban on financial institutions providing crypto services and Tesla’s reversal on bitcoin payment acceptance. The briefing details the liquidity shocks produced by institutional access removal, the role of leverage in amplifying liquidation cascades, and the operational constraints shaping divergent positioning strategies among institutional participants. Listeners receive structured analysis of how policy signals and sentiment cycles continue to dominate price formation independent of protocol fundamentals, and the framework-level assumptions dividing buy-the-dip accumulation strategies from risk-off capital preservation approaches.