Editor’s note: This announcement outlines how bitcoin’s recent price action has diverged from early expectations tied to a more crypto-friendly political environment in the United States. Despite initial optimism following Donald Trump’s return to the White House, bitcoin has fallen nearly 20% over the past three months, reflecting broader macroeconomic pressures rather than regulatory narratives. According to eToro’s analysis, bitcoin is increasingly trading as a high-liquidity risk asset, influenced by interest rates, dollar liquidity, and overall risk appetite. The commentary highlights how macro forces, not political rhetoric, are currently shaping digital asset markets. Key points Bitcoin is down nearly 20% over the past three months despite a friendlier political tone toward crypto. Market behavior is driven by macro factors such as interest rates, liquidity, and risk sentiment. Gold and silver have attracted safe-haven flows, outperforming bitcoin over the past year. ...