The FOMC meeting gave traders a headline to panic over and Bitcoin slid to around 90.6k.
On the surface it looks like a classic “miners are dumping into weakness” story.

I do not think that is what the chain is saying.
If this was genuine issuance pressure, Puell Multiple would be lit up. It is not.
In this note I want to walk through what Puell is actually doing, how that fits into the post-halving environment, and why my bias is that this move is macro noise, not a miner capitulation.