"Buy the rumor, sell the news."

Also, the levered longs out there were playing on a narrative that included "THE US IS GOING TO MAKE MONEY PRINTER GO BRRRRRRR TO BUY BITCOIN." Almost any possible announcement was going to lead to them tacking back.

And then there's the fiat liquidity backdrop -- the Atlanta GDP Now estimate just swung from over 2% positive to under 2% negative for Q1 2025. Layoffs have been announced this week at quite a few places. The printer will go, but the motivation do make it do so has to be in place first.That is what is currently being set up.