That was Hawkish Fed repricing (called it) + AI doomerism (data says doomers are wrong) + profit taking + high beta unwinds + negative gamma + momentum. Bottom in or close. Macro fundamentals didn't change, and there are several positive catalysts coming after the FOMC, which, granted is very far away. Extraordinary poor bounce from BTC relative to other assets. This is not "the end of the cycle" but questioning the upside and if it's wroth my time. Maybe it's a matter of ignoring it until year end.(Alex Krüger)