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Two Bearish Catalysts Hit at Once — So Why Hasn’t BTC Crashed? Yesterday, BTC faced two major negative catalysts. The CLARITY Act failed to advance. The Fed raised rates by 25 bps. BTC briefly fell to around $75,900. If you only read the headlines, the answer seems obvious: Sell. But what interests me more is this: Why didn’t BTC crash harder when two bearish catalysts hit at the same time? That is the question worth watching today. The bad news is already known. Now the real question is: How many people are still willing to sell? If capital is leaving aggressively, price usually shows it. But if BTC falls and quickly finds buyers, it means someone is absorbing the selling pressure. That does NOT mean BTC will rise. It does NOT mean the bottom is in. It simply means buyers and sellers are entering a new battle. So today, I’m not looking for predictions. I’m watching the data: BTC ETFs: Are institutions still selling? Exchange balances: Is more BTC moving onto exchanges? Stablecoins: Is new liquidity entering the market? Whales: Are large wallets sending BTC to exchanges, or continuing to hold? And one question matters most: What happens to volume and capital flows when price makes new lows? Real opportunities rarely appear when everyone understands the same story. They appear when: The news is bad. Sentiment is weak. But the money starts telling a different story. Yesterday’s news showed us that risks are real. But news tells you what happened. Capital flows may tell you what the market is doing. So don’t ask too quickly: “When will BTC go up?” Ask something more important: After all this bad news, who is still buying? If nobody is buying, the downside may only be beginning. But if buyers keep absorbing the supply, we get a very interesting contradiction: Price is weak. But capital may not be. That is what I’m watching. No guessing the bottom. No guessing the top. Just tracking one thing: Where is the money going?