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Bitcoin didn’t drop that day — it revealed who was borrowing their conviction.

Tonight, our cover is When Leverage Writes Bitcoin’s Story for You, and you can feel why it matters. BlackRock’s digital assets lead is looking past the headlines and pointing at the real author of these violent chapters: stacked leverage, cascading liquidations, and the quiet machinery of auto-deleveraging that turns a small headline into a 20% bruise.

And here’s what we’re really doing together in this live. We’re separating Bitcoin the asset from Bitcoin the trade. Because you’ve watched it climb back toward seventy thousand while fear still lingers in the room, and you’ve probably wondered why the “hedge” sometimes behaves like a stressed tech stock.

So stay with us. We’re going to trace where the volatility actually comes from, who’s stepping back, and what it means when the market starts pricing belief on margin… without saying it out loud.