Bitcoin was always about narratives and historically has been pretty good at flitting from one story to another (payment system, fiat money hedge, protection from the banking system but also the beneficiary of massive institutional interest, etc.) Constant new narratives meant the pool of buyers could always expand. As far as I can tell the biggest Bitcoin story for the past year has been a crypto-friendly administration. But now the Clarity Act is stalled out, progress looks incremental, and BTC is really struggling to find a new narrative.(Tracy Alloway)