Don't get me wrong, demand is definitely weak right now but there is a lot of positive stuff going on. I expect Bitcoin to continue to follow global M2. I like this chart from the Mad King. It shows Bitcoin stayed elevated even though M2 was declining (likely due to hype around the election) and is just retreating to meet M2 which he predicts will turn upwards in the coming months. Maybe it's hopium but I have heard Jeff Ross suggest something similar.