Late GM to the one trying to understand the markets 🤪 Something changed this weekend. Not Bitcoin. Expectations. A week ago, markets were pricing roughly a 64% chance of another Fed hike in October. Today? Around 20%. That's a pretty violent repricing. And $BTC is back around $86K this morning. But here's what I find interesting... Nothing actually happened to Bitcoin. No halving. No upgrade. No magical institutional announcement. What changed was the environment around it. Weak jobs data → lower expectations for another hike → slightly easier pressure on yields → different expectations for liquidity. That's why I keep saying some of the most important Bitcoin charts...aren't Bitcoin charts. Now, before CT starts screaming LIQUIDITY 🚀: US 10Y yields are still around 5.27%. Brent is still around $102. Financial conditions are still tight. So this isn't me calling the beginning of some gigantic pump. It's something simpler. One of Bitcoin's macro headwinds just became a little weaker. And markets don't wait for conditions to become perfect. They start pricing the change in direction. That's the chart behind the chart I'm watching right now. 👀