(HedgeCo.Net) Bitcoin’s latest collapse is not just another drawdown in a long history of brutal cycles. It is a stress test of what the market became during the 2024–2025 boom—and a referendum on whether crypto has matured into an institutional asset class or remains, at its core, a high-beta instrument that behaves like leveraged tech when the macro tide goes out.
In early October 2025, bitcoin printed record highs around $126,000. By early February 2026 it was trading in the low-to-mid $60...
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