Here’s what ultimately unraveled the bull run—not a clean chain of events, but a set of overlapping pressures that built on each other: *Tariff-driven inflation forced the Federal Reserve to freeze rate cuts. *Tech billionaires exited Nvidia, signaling the end of the AI trade. *The SEC chose strict rules over amnesty; the Bitcoin Reserve bill died. *ETFs panic-sold as prices dipped below their $90k cost basis.