Week 46's brutal BTC retrace below $98K ($1.1B liquidations) veils capture: miners pivot to AI (IREN +500%, CleanSpark $1.15B bond), regs clamp (BoE £20K caps, Brazil $7M licensing), treasuries hoard (Emory $443M IBIT). ETFs like XRPC debut amid sells; opps in Fusaka zk-scaling