Bitcoin BTC ($66,871.91) may have already priced in the effects of tighter monetary policy, leaving stocks more exposed to macroeconomic shocks, according to asset manager Bitwise. This comes as the cryptocurrency continues to fall below $70,000, a drop of more than 23.7% year-to-date. Geopolitical unrest and energy disruptions have driven oil and gas prices higher, leading to a decrease in inflation expectations. This has led to a shift in monetary policy pricing, with previously anticipated Federal Reserve rate cuts largely being replaced with expectations of renewed tightening. While equities have fallen in response, Bitwise argues that bitcoin has already adjusted, reflecting its sensitivity to liquidity and investor risk appetite.