The market is betting big on a 90% chance that the Fed will cut rates by 25 basis points in December—Polymarket data makes it look like a done deal. So what happened? Bitcoin delivered a brutal blow this morning: it plunged 8%, sliding all the way down to around $84,000. Rate cut boost? Nowhere to be seen.

The big shots are in a heated debate. Musk is still backing BTC, saying things like "based on energy, can't just print more at will," but analyst Willy Woo isn’t convinced—he poured cold water on the idea, warning that money printing might not support Bitcoin, and even hinted that this run might have peaked with capital inflows clearly slowing down.

And there’s bigger news: Trump is basically set to have economic advisor Kevin Hassett replace Powell as the new Fed Chair in May next year. Those two have teamed up before to criticize the Fed for cutting rates at a snail’s pace.

On the institutional side, Grayscale jumped in to say the traditional four-year cycle theory is outdated. They think this bull run is driven by institutional money, and that recent pullbacks are normal—BTC could hit new highs next year, and the Fed might actually cut rates again in December. BlackRock executives are looking even further ahead, boldly claiming tokenization will reshape global finance, and that soon any asset could be managed in a digital wallet.

So in summary, the market is going wild betting on rate cuts, but crypto prices are crashing in the short term. Bulls and bears are duking it out, central bank leadership is about to change, and institutions have their own takes on the cycle and the future. This volatility is far from over.