Fidelity Macro Research Director: Bitcoin Holds Power Law Floor, Adjustment Sufficient

The macro framing from Fidelity lends institutional weight to the idea that Bitcoin's current price action aligns with long-term structural trends rather than cyclical noise. The emphasis on time-adjusted correction matters because it shifts focus from price levels to duration, a metric often used to gauge market maturity. For market participants, this signals that the asset's risk-reward profile may be viewed differently by institutional allocators, potentially influencing capital flows. The key variable to monitor is whether the power law floor holds under further macroeconomic stress, as its breach would invalidate the adjustment thesis and reopen downside scenarios.