Bitcoin has been cut almost in half since its October high. By almost every measure, the selloff is the worst since the collapse of FTX. But there is a puzzle at the center of the wreckage: the institutional scaffolding that was built around the coin during the boom hasn’t come down with it.

About 45% of all of Bitcoin in circulation are currently valued at below what the owner paid.

It wouldn’t have seemed possible a year ago. But Bitcoin has gotten caught in one of its deepest struggles yet, with no obvious way out.

All across Wall Street, day by day, the headlong rush into the most popular trades, from tech stocks to gold to cryptocurrencies, has given way to a sudden retreat from risk.

Retail investors who piled into the Trump administration’s promised crypto paradise via Wall Street-approved funds are now learning an expensive lesson in market gravity.

Many of the bullish Bitcoin narratives are suddenly breaking down all at once.

Bitcoin tumbled below $61,000, as the unwinding of leveraged bets and broader market turbulence deepened a selloff that has wiped out all of the gains since President Donald Trump’s election set off a speculative rush into cryptocurrencies.

Gold is topping $5,000. Stocks keep booming. The dollar is falling again. Yet Bitcoin — hailed as both a momentum and “debasement” trade — is sitting out the action. Its price is stalling, volumes are limp, and longtime believers are drifting toward more dependable markets like equities and precious metals.

Vanguard Group may now allow clients to trade spot Bitcoin exchange-traded funds, but one of the firm’s senior investment leaders says its underlying view of crypto remains unchanged.

Inigo Fraser Jenkins once warned that passive investing was worse for society than Marxism. Now he says even that provocative framing may prove too generous.

The S&P 500 has climbed more than 16% in 2025, while Bitcoin is down 3% — the first time since 2014 that stocks have rallied while the token is down, according to data compiled by Bloomberg.

A special class of financial advisers is helping long-married couples handle the often tangled complications of splitting up. 

A special class of financial advisers is helping long-married couples handle the often tangled complications of splitting up. 

Bitcoin ETF inflows — once a steady drumbeat of demand — are vanishing. For a market that treats those signals as gospel, the shift is stoking fears the crypto downdraft has further to go.