Everyone's pricing Warsh as the dovish pivot, but the Fed just had its most divided FOMC vote since 1992 TL;DR: The "Warsh = dovish pivot" trade everyone's pricing assumes a Fed chair who can deliver cuts. The April FOMC just split 8-4 (most divided since 1992) with three governors specifically rejecting easing-bias language. Warsh's actual track record is hawkish, his crypto exposure is sophisticated VC LP positions not a personal bag, and Powell is staying on the Board as a check. My read: regulatory wins come fast, rate cuts come slow, market reprices the gap. Bought the dip in late March expecting the April meeting to at least hint at an easing bias. Instead the FOMC split 8-4, the most divided vote since 1992, and three governors specifically pushed back against the easing-bias language. BTC sat at $76K into the meeting, tagged sub-$75K right after, and hasn't gone anywhere since. The price move was small, but the structural read should not be.…