Bitcoin sentiment is at its lowest point this cycle, and macroeconomist Lyn Alden has some blunt advice: stop waiting for a savior.
In an interview with journalist Natalie Brunell, Alden said the asset’s long-term success has to come from fundamentals — not external catalysts. “The asset just has to survive on its own merits,” she said. “I don’t think there’s anything coming to save Bitcoin.”
Her comments come right after Strategy disclosed it sold 3,588 BTC — worth about $216 million — in a weekly SEC filing. Alden said this downturn feels different from 2022. Back then, Bitcoin dropped to $16,000 but enthusiasm stayed strong. Now? “This is the lowest sentiment that I’ve personally seen on Bitcoin.”
Her base case? No new all-time high this year. Best hope is “flat to up rather than flat to down.”
She also weighed in on Strategy’s STRC preferred stock — now the biggest preferred security on the market. It has a role for investors wanting Bitcoin exposure without holding the asset directly. But Alden warned that higher-yielding BTC-linked products can push people toward dangerous leverage. Strategy’s recent steps to rebuild reserve coverage and add safeguards were reasonable, she said, but their performance still depends on Bitcoin’s price.
On the topic of Bitcoin Improvement Proposal 110 (BIP-110), which aims to reduce network spam, Alden pushed back on urgency. She said proposals that frame changes as “existential issues” for Bitcoin tend to exaggerate the stakes. That’s “incorrect marketing,” not serious debate.
