After a massive year for bitcoin, losses near the end of the year overshadowed an otherwise impressive few months of innovation and regulatory tailwinds. As of November 18, macro uncertainty (i.e., government shutdown, fear of an AI/tech bubble) has erased all gains in bitcoin this year. Following bitcoin’s drop from record price levels, new recent lows have divided the investor base. Some long-horizon investors have reduced exposure in bitcoin, both directly held bitcoin and spot bitcoin ETFs. Spot bitcoin ETFs, for example, have seen $1.5 billion in outflows over the past week. Others, however, including certain ... (full story)