“I’m going to enjoy watching Bitcoin crash,” former White House staffer Claude Taylor tweeted. However, whether any rate cuts would’ve allowed Bitcoin to surge in the first place remains debatable, as Coindesk points out. Large selloffs of Bitcoin exchange-traded funds (ETFs), which allow investors to get in on Bitcoin bets indirectly through traditional brokerage accounts, added to the pressure. It’s a four-year cycle that most recently restarted following a halving in April 2024. “This week has shown us that the supply of ‘greater fools’ that bitcoin relies on is drying up,” Financial Times columnist and Bitcoin critic Jemima Kelly argued in a recent piece.