Broader investor nerves. Bitcoin has behaved “more like a high-growth tech stock than an uncorrelated store of value” since October, they said, noting a strong link between moves in the Nasdaq-100 and bitcoin.
A hawkish Federal Reserve, starting with a warning from Fed Chair Jerome Powell that a December cut wasn’t a done deal. (A cut is back in play after Friday comments from the New York Fed’s John Williams.)
Stalled regulatory momentum, as the Senate considers the Digital Asset Market Clarity Act.
Outflows from institutional investors, and long-term holders taking profits.
Bitcoin traded at nearly $86,000 on Monday morning, holding some the gains registered in a modest weekend rebound. It traded at about $84,535 as of 4 p.m. ET on Friday.