December has been a bit weird for the crypto space. On one side, Japan is preparing for rate hikes, while the Federal Reserve is hinting at rate cuts; caught between these two moves, capital is completely hesitant to make any moves.

The market reaction is quite divided: reportedly, miners have already started shutting down their rigs to cut losses, and MSTR’s high-leverage positions are making people nervous. But on the other hand, sovereign funds and VCs are buying aggressively—even Public Sales are being snapped up in seconds.

So is this round institutions positioning themselves to buy the dip, or are retail investors about to get rekt again? When monetary policies clash, Bitcoin usually suffers the most—there’s a strong wait-and-see sentiment, but it seems like the smart money is already making moves behind the scenes.