Bitcoin hit $57,742 on Wednesday — its lowest since September 2024 and a brutal 53% collapse from the October 2025 all-time high above $126,000. Three forces converged to break the market: the Federal Reserve's hawkish tilt under new chair Kevin Warsh, Strategy Inc.'s (formerly MicroStrategy) financing overhaul that suddenly made its Bitcoin stockpile feel sellable, and a record $4.51 billion in June ETF outflows — the worst month since the products...