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.