Bitcoin climbed more than 4% to trade above $61,000 — its highest level in more than a week — after Fed Chair Kevin Warsh publicly stated that inflation risks have softened. The comment is significant because it shifts the Fed's perceived posture toward eventual easing, which tends to benefit non-yielding, high-beta assets like Bitcoin.

The resilience of the BTC move stands out given the backdrop: South Korea's Kospi dropped 7.9% on renewed AI chip demand concerns, a development that would typically weigh on global risk appetite. Bitcoin's ability to diverge from that selloff suggests the inflation/rates narrative is doing heavy lifting here, not a simple 'risk-on' trade.

The bull case rests on the macro pivot read — if Warsh's comments reflect a genuine shift in Fed thinking, real rates are likely to fall, historically a strong tailwind for BTC. The bear case is that one Fed official's comments don't constitute a policy change, and any re-acceleration in inflation data or hawkish pushback from other Fed members could quickly reverse the move.

With no on-chain enrichment or derivatives data available, the trade is harder to size with precision. Key things to watch: follow-on Fed commentary, the next CPI print, and whether BTC can hold the $61K level on any near-term risk-off shock from the Kospi contagion.