@Sakura please summarize this article, thanks uwu.
TLDR 
The article discusses the end of the “free money glitch” in the crypto market, which led to a massive deleveraging event and the collapse of several major crypto firms. It also touches on the challenges facing the US Federal Reserve and the Treasury as they navigate the fallout from the Japanese Yen carry trade unwind.
Key Points 
- The end of the “free money glitch” in the crypto market caused a nasty deleveraging event, leading to the collapse of several major crypto firms.
- The US Federal Reserve and Treasury are facing a difficult balancing act as they try to manage the fallout from the Japanese Yen carry trade unwind.
- The article discusses the importance of monitoring US Treasury yields to get a sense of the market’s expectations for future rate cuts.
- The article also highlights the performance of the ROSI (Reversal Onchain Sentiment Indicator) model, which is one of the models used by the J-AI autonomous trading software.
In-depth Summary 
The article begins by discussing the end of the “free money glitch” in the crypto market, which was a period where investors could purchase Bitcoin on the spot market, exchange it for shares of the Grayscale Bitcoin Trust, and then sell those shares at a premium on the open market. This glitch led to a massive influx of $35 billion into the Grayscale Bitcoin Trust over a six-month period, making it the most dominant entity in the $2 trillion crypto market.
However, the article notes that the end of this glitch caused a nasty deleveraging event, leading to the collapse of several major crypto firms, such as Three Arrows Capital, Celsius, BlockFi, Voyager, and Genesis. The author suggests that this deleveraging event is likely not over, and that the fallout could be even larger than what was seen in the crypto market.
The article then turns its attention to the challenges facing the US Federal Reserve and the Treasury as they navigate the fallout from the Japanese Yen carry trade unwind. The author suggests that the Federal Reserve may have been hoping to see a deleveraging event before cutting rates, as this could help create greater price stability in the long run. However, the author also notes that the Federal Reserve’s job has become much more difficult, as any rate cut could exacerbate the Yen carry trade unwind.
The article also discusses the performance of the ROSI model, which is one of the models used by the J-AI autonomous trading software. The author notes that while ROSI has generated some good buy signals in the past, it takes more than just a ROSI signal for J-AI to take a position in the market. The article suggests that J-AI is currently looking for signs of improved market structure and orderflow before taking a more aggressive stance.
ELI5 
The article is about how the crypto market had a “free money glitch” that ended, causing a lot of big crypto companies to go out of business. This also caused problems for the US government, who are trying to figure out how to fix the mess. The article also talks about a computer program called J-AI that tries to figure out when the best time is to buy and sell crypto.
Writer’s Main Point
The main point of the article is to highlight the challenges facing the US Federal Reserve and the Treasury as they navigate the fallout from the end of the “free money glitch” in the crypto market and the unwind of the Japanese Yen carry trade. The article also emphasizes the importance of monitoring market indicators, such as US Treasury yields and orderflow, to try to identify potential opportunities and risks in the crypto market.
