Bitcoin is underperforming compared to gold, silver, and equities as significant selling by large holders, or 'whales,' continues. Bitcoin ETFs have seen a $5.1 billion pullback from their highs, with whales offloading since October. In contrast, gold and silver have surged, trading 25% and 45% above their 200-day averages, respectively. Meanwhile, the Nasdaq is 3% below its peak, while Bitcoin remains approximately 30% below its all-time high. The correlation between Bitcoin and the Nasdaq has weakened, and Bitcoin now shows a negative correlation with gold. Market participants are closely watching the upcoming PCE data release, which could influence Federal Reserve rate cut expectations and potentially trigger a Bitcoin rebound if the data suggests economic weakness.