jerome powell literally just said energy costs are a major inflation risk and maybe we get a rate cut by december. bitcoin dumped from $79k to $76k because apparently we thought the fed was gonna pivot and save us. they’re not. powell’s done in two weeks and the next guy is probably more hawkish. institutional investors pulled $89 million out of spot ETFs while retail on twitter says bitcoin’s going to $90k because nobody understands “higher for longer.” the tape is thin, positioning is cautious, liquidity is gone, and energy prices are the new inflation wildcard. the fed basically said sorry you’re not getting a bailout and the market had to sit with that reality before pretending everything’s still bullish.

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