Bitcoin absorbed two bearish shocks this week—the Senate’s failure to advance the Clarity Act and the Fed’s first rate hike since 2023—and prices went up anyway. That paradox, according to Fundstrat’s Tom Lee in conversation with Ryan Sean Adams and David Hoffman on Bankless, is the clearest confirmation yet that crypto has entered a bull market’s earliest innings, a phase where good news moves prices and bad news simply fails to register.

“We are in the heads I win, tails you lose regime,” Adams said, summarizing the asymmetry that now defines crypto’s relationship with macro and political headwinds. “Good news is good and bad news doesn’t matter. That’s just the phase of the market that we’re in.”

The week began with the Clarity…