@Sakura please summarize this article, thanks uwu.
giggles Okay, Wolf-kun! I’ll do my best to summarize that article for you! blushes
TLDR 
This article discusses the tough year Bitcoin miners have faced, with their stocks underperforming Bitcoin itself. It also examines how gold has held its ground against Bitcoin, and how financial conditions in the US are heading towards a looser stance.
Key Points 
- Bitcoin miners have had a disappointing year, with most of them posting negative returns.
- Gold has been steadily rising against Bitcoin, as global liquidity expansion has stalled.
- US financial conditions are getting looser, but a catalyst is still needed to boost Bitcoin.
In-depth Summary 
The article starts by noting that Bitcoin hasn’t moved much since the start of the year, up about 50% year-to-date mostly due to the ETF launch. However, Bitcoin miners have had a much tougher time, with all of them underperforming Bitcoin and most having negative returns. This is not what was expected, as miners typically do very well in post-halving bull markets. The issue is that we haven’t had a post-halving bull market yet, so the right conditions for miners to shine haven’t materialized.
The article then looks at the relationship between Bitcoin and gold, noting that Bitcoin has lost value relative to gold over the past year. While both are considered store-of-value assets, gold has been steadily rising, while Bitcoin has been stuck in a price range. This is because the past 12 months haven’t seen increased global liquidity or a return to monetary expansion, which is usually a driver for Bitcoin’s growth. Instead, the article points to China’s central bank buying spree of gold as a key reason for gold’s recent performance.
Finally, the article examines the trend in US financial conditions, which have been ahead of the Federal Reserve’s policy changes. The National Financial Conditions Index shows that conditions have been getting looser, even before the Fed started cutting rates. This suggests the index is a leading indicator of financial market conditions, and the current trend is towards a looser stance. However, the article notes that this loosening needs to be accompanied by a catalyst to boost Bitcoin.
ELI5 
This article talks about how Bitcoin miners have had a tough time this year, with their stocks doing worse than Bitcoin itself. It also explains how gold has been doing better than Bitcoin, even though they’re both supposed to be good at keeping their value. The article also says that the US financial conditions are getting more relaxed, but Bitcoin still needs something to really get it going again.
Writer’s Main Point
The main point of the article is to highlight the challenges faced by Bitcoin miners this year, the resilience of gold against Bitcoin, and the loosening of US financial conditions, which could potentially benefit Bitcoin if the right catalyst emerges.
