Caroline Hyde

Bitcoin dipping below $84,000 per token at one point.

Ether dropping more than 7% to below $2,800.

Joining us now on the crypto markets, weeks-long sell-off, Bloomberg Senior Digital Finance Editor, Ana Herrera.

We're writing on the Bloomberg Terminal about how we started December in risk-off mode, but actually traders in the crypto space are bracing for even bigger moves lower.

What are the factors behind that?

There are some idiosyncratic issues at play here, though, Anna.

One of them being perhaps Stalin and Paul's putting out a bit of a risk warning on Tether, the stablecoin most widely used one, and worrying about its collateralization.

But then we look to what's happening in strategy.

Of course, a big purchaser of Bitcoin that shook the market by potentially saying it could even sell off that Bitcoin if really forced to do so.

But now they try and come in and temper those fears with news of, well, really a reserve fund.

Why isn't it working?

Why isn't pushing strategy back higher again?

Well said.

Bloomberg's Ana Herrera, we thank you very much.

Let's keep the discussion going.

Jalak Jobinputra is with us, managing partner at Future Perfect Ventures.

It's an early stage firm with a focus on blockchain technology, crypto assets and more.

For you, you're about the builders and the companies that are trying to use the underlying technology, Jalak.

But just paint the macro picture right now.

What does bring institutional retail money back into the ETFs or to the crypto as they stand?