Subject: Is Bitcoin the canary in the mine?
WendyBG has been continually ranting about the next financial crisis is likely to be caused by debt getting out of control in the shadow banking portion of the economy.

Price Movement Summary
Start of Year (January 1, 2025): Bitcoin opened the year at approximately $94,443.52.

Mid-Year Rally: The price saw a substantial increase, reaching a peak (and new all-time high) of over $126,000 around October 6. This rally was partly linked to factors like the earlier approval of spot Bitcoin ETFs in the United States and general market sentiment.

November Downturn: Since its October peak, Bitcoin has entered a "bear market" by falling more than 20%. As of November 18-19, 2025, the price has plummeted to around $90,000-$92,000, effectively wiping out all gains made since January 1.

There is a temptation to ask "what's the big deal - you've just given back the opportunity profit you could have made".

That's faulty logic. I suspect a substantial number of owners sold out within 10% of the peak (on either side) and those who purchased from them are taking a haircut - and likely margin calls potentially forcing them to sell equities to cover their positions.

Laissez les bons temps rouler,

Jeff