This week we unpack why crypto is suddenly in freefall — and whether the terror in the charts is actually justified. Max and Sasha break down the “triple threat” hitting Bitcoin and risk assets all at once, and follow the chain reaction from Fed policy to AI shocks to leveraged wipeouts across the entire crypto stack.

- The “Warsh pivot”: why Trump’s Fed pick is killing belief in the Fed put, draining excess liquidity, and forcing Bitcoin to reprice like a risk asset.  

- The Anthropic shock: how Claude Cowork nuked legacy SaaS valuations, why algos treat BTC as high‑beta tech, and what that tells us about crypto’s correlation to AI and equities.  

- Geopolitics and the failed “digital gold” test: Bitcoin selling off on war headlines, brutal long liquidations, ETF outflows, institutional vs. retail behavior, and what the data really says about this drawdown.

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