Bitcoin briefly falling below $60,000 last week has been treated as another episode of crypto volatility — familiar, dramatic, and easily dismissed as noise. That reaction misses what is actually happening. This drawdown is not primarily about Bitcoin’s technology, nor about retail exuberance. It is about what happens when a formerly insurgent asset is fully absorbed into institutional finance — and then stress-tested. Bitcoin has crossed a threshold. With spot ETFs, regulated custodians, compliance regimes, and exposure through pension-adjacent vehicles, Bitcoin is no longer a fringe instrument. It is now a ... (full story)