Bitcoin's recent price drop is linked to shifts in the global monetary system, not a failure of the cryptocurrency itself. Rising bond yields, especially in Japan, suggest an end to long-standing loose monetary policies, prompting a repricing of risk assets. This environment, coupled with high leverage and thin liquidity, led to forced liquidations and a sharp decline in Bitcoin's value. The Federal Reserve's pause on Quantitative Tightening and emerging economic strains have further fueled market instability. Bitcoin's behavior as a macro asset reflects its sensitivity to global financial conditions, challenging its perception as a standalone digital gold.