Bitcoin (BTC) has slumped to a two-month low, dipping as low as around $81,000–$81,300 before recovering slightly. It's trading in the $82,000–$83,000 range (down roughly 3–6% in the last 24 hours and extending losses over the past few days). This marks one of the sharper pullbacks recently, driven by heavy liquidations (around $1.7–$1.8 billion across crypto positions), U.S. spot Bitcoin ETF outflows (nearly $1 billion combined with ether ETFs in a tough day), and speculation around Federal Reserve leadership changes (e.g., Trump naming Kevin Warsh as a potential Fed chair pick, raising tighter policy concerns). Bitcoin's implied volatility is elevated, and it's underperforming versus gold's recent strength.