Geoff Kendrick, global head of digital asset research at Standard Chartered, attributes the recent market turmoil, including the fall in bitcoin and the rise in long-term US Treasuries, to a decline in the term premium on US Treasuries. The term premium is the additional yield required by investors to hold long-term bonds rather than roll over short-term bonds. Since bitcoin is often seen as a hedge against the instability of traditional financial marekts, increased confidence in US Treasuries could reduce bitcoin's attractiveness in the short term, causing its price to fall. "MicroStrategy buying shows no signs of slowing down and they are unlikely to sell, but since the election, the average purchase price for ETFs and MSTRs is $88,700, which could become a short-term bottom and Bitcoin could consolidate in the $85,000 to $88,700 range before resuming its upward trajectory," said Mr. Kendrick.