Here's my try:
The article discusses the concept of tail risk in the cryptocurrency market, specifically in Bitcoin (BTC). Tail risk refers to the possibility of an asset moving three standard deviations from its current price due to a rare event. The article suggests that traders remain fearful of such events despite BTC being listless around $26,000 since falling over 10% in the week ended August 20th. The butterfly index, which gauges the relative richness of out-of-the-money call and put options tied to BTC, is elevated, indicating that traders are pricing in tail risk. The article also mentions Federal Reserve Chairman Jerome Powell's recent comments on monetary policy and their impact on the cryptocurrency market.