Bankless · Monday, September 28, 2026
Ben Cowen expresses confusion over Bitcoin's ability to reach new highs despite unfavorable macro conditions, such as rising energy prices, yields, and interest rates. He acknowledges that while the macro predictions were correct, Bitcoin's performance defied expectations, forcing him to reassess his bearish stance as long as Bitcoin holds above key support levels.
“I think like the market, including the equities market right now, is looking at that is looking at high rates and getting jittery. But also another part of the market is looking at higher rates and being like, I don't care. I'm going up anyways. How are you reading this situation?”
“I got to be honest, like I'm very confused and I... This is the thing though, David, I mean, you've probably gone through this before where like the market just doesn't make sense to sometimes.”
“The macro trade was right, right? But the things that I said, like all the things that don't matter were correct, you know, like the dollar going higher, energy going higher, yields going higher. The things that people aren't really trading.”