Last week's crypto selloff resulted from a shift in expectations around U.S. interest rate cuts rather than any fundamental issues within the crypto market itself. The likelihood of a cut in December dropped from about 70% to 42% over a week, influenced by Federal Reserve Chair Jerome Powell's statements. This shift led to increased scrutiny of individual Federal Open Market Committee (FOMC) members’ positions, revealing that consensus on a rate cut wasn't as strong as previously thought. As a result, risk assets, particularly crypto, experienced significant declines. Bitcoin (BTC) has fallen below $100,000 for the first time since May, after struggling to hold that level during recent trading. Factors contributing to this decline include whale activity, with large holders trimming their positions, and a seasonal trend of selling that has started earlier than usual. This selling pressure has not stemmed from fundamental weaknesses but has been driven by macroeconomic factors in the U.S. The article underscores that while the environment for crypto remains difficult, the broader macro backdrop, including global easing and the end of U.S. quantitative tightening next month, remains supportive. For the crypto market to recover, major cryptocurrencies like BTC need to regain momentum. The selloff appears to be a macro-driven event rather than a sign of a prolonged bear market. With positioning now cleaner and the pressure understood, the market's recovery hinges on how major assets perform moving forward. Until Bitcoin can reclaim its previous trading range, broader market sentiment is likely to remain subdued.