The ETF money has mostly stayed. Wall Street is still in. And while some tactical investors have headed for the exits, the longer-term holders have proved harder to shake loose. That disconnect between price and market resilience is fueling a contrarian bull case that selloff has largely drowned out.
The bearish case needs no help. Even with Wednesday’s rebound, Bitcoin is trading below $70,000, a far cry from its October peak above $126,000 and a $1 trillion market fall. Nearly 45% of all coins out there are worth less than what their holders paid. Options traders are paying for crash protection. Faith that institutional adoption would cushion the downside has evaporated. And weeks of ETF outflows have led many to one conclusion: the mainstream experiment is misfiring.
