In June 2022 an inflation print above expectations forced markets to reprice the Federal Reserve's next move from a half-point rise to three quarters of a point, the largest in decades. Bitcoin, trading as a pure risk asset, fell through the days ahead of the decision: this window opens near $26,565 and closes around $20,387, a drop of some twenty-three percent, with the low at $20,100.
What makes it instructive is the timing. Most of the damage happens before the announcement, not after — by the time the decision lands, the repricing is largely done and price stabilises. Traders who waited for the headline to act found themselves selling the low.
Same engine, same hidden right-hand side — a different day's problem.