Recent bearish news in the crypto world: 1. AI bubble weighs on US stocks The market is questioning the authenticity of NVIDIA's accounts receivable and revenue. Institutional sell-offs are intensifying concerns about the AI bubble, dragging down US stocks and risk asset sentiment. After clarifications from Fed officials and NVIDIA's CEO last night, US stocks saw a brief rebound. 2. Record ETF outflows BlackRock's IBIT saw a single-day outflow of $523 million, with over $2.5 billion net outflows this month. Retail investors are heavily selling BTC and ETH ETFs, becoming the main source of selling pressure in the crypto market. 3. DAT flywheel stalls Mainstream DAT companies' mNAV has dropped below 1, signaling a model failure. Some smaller DATs have started selling crypto reserves to buy back shares, further fueling market panic. 4. December rate cut expectations waver The US government shutdown has led to missing data and increased macro uncertainty. Strong inflation and employment figures are suppressing rate cut expectations, with the probability dropping from 70% to 30% at one point. However, recent dovish comments from the Fed have pushed it back up to around 71%. 5. Crypto OGs going bullish on BTC, causing a market crash