CoinDesk: Wall Street's arrival is flattening Bitcoin cycles, muting both drawdowns and rallies
- —Deepest BTC drawdown this cycle is roughly 55%, versus 75%+ in 2022
- —Average ETF investor cost basis is near $83,000; active spot holders near $75,000
- —Ferraioli estimates 6–7 million BTC are liquid out of about 20 million
- —Bitwise: onboarding an advisor takes about eight meetings and up to two years
Why it matters: If institutional flows are genuinely dampening crypto cycles, the outsized multipliers of past bull runs may not return, reshaping return expectations for BTC holders.
Source: Koin Bülteni