Why This Is the Worst Crypto Winter Ever

Bitcoin has fallen roughly 44% from its October peak, and while the drawdown isn't crypto's deepest ever on a percentage basis, Bloomberg's Odd Lots newsletter lays out a case that this is the industry's worst winter yet. The macro backdrop was supposed to favor Bitcoin: public confidence in the dollar is shaky, the Trump administration has been crypto-friendly, and fiat currencies are under perceived stress globally. Yet gold, not Bitcoin, has been the safe haven of choice. The "we're so early" narrative is dead -- crypto ETFs exist, barriers to entry are zero, and the online community that once rallied holders through downturns has largely hollowed out. Institutional adoption arrived but hasn't lifted existing tokens like ETH or SOL; Wall Street cares about stablecoins and tokenization, not the coins themselves. AI is pulling both talent and miners toward data centers. Quantum computing advances threaten Bitcoin's encryption. And MicroStrategy and other Bitcoin treasury companies, once steady buyers during the bull run, are now large holders who may eventually become forced sellers.

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