Bitcoin fell sharply to $108K on September 25, before recovering above $109K. While further rallies are possible, the sell-offs intensified despite spot buyers growing their allocations.  The likely reasons behind such poor performance are macro pressures and cascading liquidations. It’s also worth mentioning the growing regulatory uncertainty surrounding the delay in ruling on Grayscale’s ETH ETFs, as well as Tether’s plan to comply with the GENIUS Act.