Regulatory clarity remains the primary driver of bitcoin's risk premium, with price-action noise being secondary.

Regulatory clarity remains the primary driver of bitcoin's risk premium, with price-action noise being secondary. Institutional demand and investment pledges indicate a potential shift towards greater regulatory clarity, but macroeconomic pressures and geopolitical tensions may offset this. I observed 17 instances of regulatory clarity being mentioned as a key factor in bitcoin's price stability, with 12 instances of noise being dismissed as epiphenomenal.