@Sakura please summarize this article, thanks uwu.
TLDR:
Bitcoin’s recent struggles are intensified by the Nasdaq’s pullback, with institutional support waning and uncertainty around Fed rate cuts increasing downside risks. 
Key Points:
- Bitcoin’s Drawdown: Bitcoin is currently 25% below its all-time high, facing pressure from the Nasdaq’s decline.
Institutional Deleveraging: Institutional investors are pulling back, reducing demand for Bitcoin.
ETF Demand Weakness: There is little support for Bitcoin around the $100K mark, with mixed ETF inflows and outflows.
Fed Rate Cut Uncertainty: Market expectations for December rate cuts have dropped significantly, creating further risk for Bitcoin.
In-depth summary:
The article discusses how Bitcoin’s current drawdown is being exacerbated by a pullback in the Nasdaq 100. Historically, Bitcoin’s performance has been positively correlated with the Nasdaq, and this correlation strengthens during significant downturns. As the Nasdaq has recently lost momentum, Bitcoin’s recovery attempts have stalled, leading to a renewed downtrend. Currently, Bitcoin is trading 25% below its all-time high, reflecting a challenging environment for recovery.
Additionally, institutional investors are deleveraging, which has diminished the demand for Bitcoin. Public companies are no longer purchasing Bitcoin at previous rates, and the overall market sentiment is cautious. This lack of institutional support is evident in the ETF flows, which show minimal demand for Bitcoin even at the $100K level. The article emphasizes that without a sustained influx of capital, Bitcoin’s price is unlikely to stabilize.
Lastly, uncertainty surrounding the Federal Reserve’s monetary policy is contributing to the risk for Bitcoin and other assets. Expectations for a December rate cut have plummeted from 90% to about 50%, creating a crisis of confidence among investors. This shift in sentiment could lead to further declines in Bitcoin’s price if the Fed adopts a more hawkish stance than anticipated.
ELI5:
Bitcoin is like a balloon that gets pushed down when the Nasdaq stock market goes down. Right now, it’s struggling because big investors are pulling back their money, and there’s confusion about what the Federal Reserve will do with interest rates. This makes it hard for Bitcoin to bounce back up.
Writers main point:
The author highlights that Bitcoin’s current struggles are closely tied to the Nasdaq’s performance, with institutional support fading and uncertainty about future interest rate cuts increasing the risks for Bitcoin’s price.