Crypto Winter is here - but this one won’t look like 2018 or 2022.
• BTC only traded modestly above fair value this cycle
• New buyer momentum has cooled
• OG wallets are taking profits
• Futures markets are suppressing rallies
But this downturn will be milder because:
• Leverage is lower
• Institutional adoption is higher
• Macro tailwinds are stronger
• Fiat debasement keeps long-term demand intact