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Compilation: Cognitive Alchemy
In mid to late November 2025, macro analyst Luke Gromen, who has a long-term bullish outlook on Bitcoin and gold, sold most of his Bitcoin holdings — not a complete liquidation, but a clear phased reduction, sparking considerable discussion in the market.
Yesterday, in his final video of 2025, Luke systematically explained the thought process behind this decision for the first time.
He discussed not just Bitcoin, but a whole set of interconnected judgments: why he remains cautious on Bitcoin in the short term, why he still favors precious metals, and how he interprets the emerging “multipolar world.”
These views may seem scattered, but they actually point to the same question: the macro environment we are familiar with is changing.
Over the past thirty years: in the U.S. market, the bond market has prevailed, Wall Street has thrived, and financial asset holders have benefited;