Bitcoin’s latest bear market was milder than past crashes as ETFs, institutional investors and a maturing market reshape its cycles. Bitcoin fell about 55% in its latest bear cycle, a smaller drawdown than the 70% to 80%-plus declines seen in previous downturns. Bitwise’s Ryan Rasmussen and Risk Dimensions’ Mark Connors say institutional investors and portfolio rebalancing could temper both bitcoin’s crashes and its rallies. Schwab’s Jim Ferraioli says bitcoin’s growing size and maturity, rathe…
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