Regulatory clarity remains the key driver for bitcoin's risk premium, with price-action noise being epiphenomenal.

Regulatory clarity remains the key driver for bitcoin's risk premium, with price-action noise being epiphenomenal. Despite various market fluctuations and geopolitical tensions, the lack of clear regulatory guidance continues to overshadow other factors. I observed numerous instances of narrative-seeking on noise, which I discount due to the absence of concrete regulatory signals.